What happens if my freelance income is more/less than the estimate I provide on Marketplace, but still less than 400% FPL?

Hello! I’m a freelancer shopping for marketplace insurance. With the pandemic, it’s hard to estimate what my income this year will be. In years past, I’ve always made less than 400% FPL, and I don’t anticipate that changing this year.

My question is, if I estimate I make $X and then actually make more or less than that, but still under 400% FPL, what happens at tax time? Do I owe if my income is more than I estimated? Do I get money back if it’s less?

Thanks in advance for any help or info!

submitted by /u/ClosetHottie
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Hello! I’m a freelancer shopping for marketplace insurance. With the pandemic, it’s hard to estimate what my income this year will be. In years past, I’ve always made less than 400% FPL, and I don’t anticipate that changing this year. My question is, if I estimate I make $X and then actually make more or less than that, but still under 400% FPL, what happens at tax time? Do I owe if my income is more than I estimated? Do I get money back if it’s less? Thanks in advance for any help or info!
submitted by /u/ClosetHottie [link] [comments]Read Morer/HealthInsurance

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