Question: We are husband and wife with $66,776 AGI. We are covered by Chinese Community health Insurance with monthly premiums of $1,629.79 and have a monthly advance payment premium tax credit totaling to $14,800. Now, this is what we owe the IRS. How are we being helped if at the end of the year we owe the IRS this much. Please help.
Answer: With an AGI of $66,776 for a 2-person household, you are not eligible for any premium assistance. That is why you have to repay all the the advance premium tax credits you received for the year. Apparently you claimed a lower income on your Covered California application in the first place. To correct this, you must notify Covered California of your actual income.