What is the Maximum Pay back, of the subsidies – APTC – Advance Premium Tax Credit,
if you earn MORE than you put down for MAGI Income, when you applied for Covered CA?
CHFC – 2 Page explanation of the maximum payback – Web Archive.
Our page on 8962 Premium Tax Credit including instructions
Email us [email protected] for more information.
Child & Related Pages
Be careful though about penalties for under payment of taxes.
View our page on take it now or take it later – Tax Credit
What about Enhanced Silver?
If my income is higher at the end of the year than I thought,
do I have to pay the Enhanced Silver cost-sharing subsidies back?
No. Unlike premium tax credits, which are reconciled each year based on the income you actually earned, cost sharing reductions are not reconciled Western Poverty Page 177 * Kaiser Foundation FAQ’s However, you will have to pay any received premium assistance back up to a certain amount. Also, you are mandated to report income changes within 30 days. You also promised in the Covered CA application to report income changes within 30 days. Use the search feature ctrl – f and put in “changes.” It’s used 14 times.
Visit our webpage on Tax & APTC Subsidy Reconciliation 1040 & 8962
Federal Code of Regulations
§156.410 Cost-sharing reductions for enrollees.
§156.420 Plan variations.
§156.425 Changes in eligibility for cost-sharing reductions.
§156.430 Payment for cost-sharing reductions.
§156.440 Plans eligible for advance payments of the premium tax credit and cost-sharing reductions.
§156.460 Reduction of enrollee’s share of premium to account for advance payments of the premium tax credit.
§156.470 Allocation of rates for advance payments of the premium tax credit.
§156.480 Oversight of the administration of the cost-sharing reductions and advance payments of the premium tax credit programs.