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Covered California and Obamacare related questions from consumers, employers and agents are answered by Phil Daigle with the best information available at the time. Archived entries may no longer be accurate as the Covered California and Obamacare knowledge-base is evolving quickly. TO REQUEST A PERSONAL RESPONSE INCLUDE EMAIL ADDRESS.
Question: If my income increase and I no longer qualify for the tax credit and do not notify Covered CA will I be required to pay a penalty?
Answer: The premium subsidy is actually and advance tax credit. If you were advanced more tax credit than you were entitled, then it will be reclaimed on your federal tax return for that year. It’s more of a reconciliation than a penalty.
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Does this mean that you will have to re-file your taxes adding back the reconciled over paid tax credits or will those over paid tax credits be added as income to the next year’s taxes since it will be determined after the fact?