Hi all, I’m seeking help determining how much of my tax credit to use.
I’m currently unemployed and qualified for a tax credit of $320/month based on my UI. The plan I selected costs $350/month. I hope to start a new job within the next few months and switch to employer insurance, but I would prefer to keep costs down at the moment.
If I use all of my tax credit but switch to an employer plan midway through 2021, will I only have to pay back the credit for the months I was on a marketplace plan? I’m not sure if this is the correct way to look at it, but if I become employed again I’ll be earning more than what I reported and end up paying full cost of the marketplace insurance I used, and it seems wiser to pay it back on my taxes when I’ll have more money to do so, rather than paying more right now.
submitted by /u/sonali_x
[link] [comments]
Hi all, I’m seeking help determining how much of my tax credit to use. I’m currently unemployed and qualified for a tax credit of $320/month based on my UI. The plan I selected costs $350/month. I hope to start a new job within the next few months and switch to employer insurance, but I would prefer to keep costs down at the moment. If I use all of my tax credit but switch to an employer plan midway through 2021, will I only have to pay back the credit for the months I was on a marketplace plan? I’m not sure if this is the correct way to look at it, but if I become employed again I’ll be earning more than what I reported and end up paying full cost of the marketplace insurance I used, and it seems wiser to pay it back on my taxes when I’ll have more money to do so, rather than paying more right now.
submitted by /u/sonali_x [link] [comments]Read Morer/HealthInsurance