Do I have to pay back Tax Credits if I end up below the Poverty Line?

On my 2020 application I estimated that I would make $24k doing freelance work. I got on an ACA plan that has been paid in full each month through premium tax credits (around $350/month).

Due to covid I decided not to freelance this year and have only made $8k (capital gains through stock trades).

What happens if I make no more money this year and stay below the poverty line? Will I have to pay back the premium tax credits that I’ve been relying on all year? Since they’re only eligible to people with incomes from 100%-300% of the poverty line?

I can sell off some more stock and get my income just above the poverty line if I have to, but I’d really rather not do this – unless it means it will save me having to pay back ~$4,000 in premium tax credits.

submitted by /u/Peeves4411
[link] [comments]
On my 2020 application I estimated that I would make $24k doing freelance work. I got on an ACA plan that has been paid in full each month through premium tax credits (around $350/month). Due to covid I decided not to freelance this year and have only made $8k (capital gains through stock trades). What happens if I make no more money this year and stay below the poverty line? Will I have to pay back the premium tax credits that I’ve been relying on all year? Since they’re only eligible to people with incomes from 100%-300% of the poverty line? I can sell off some more stock and get my income just above the poverty line if I have to, but I’d really rather not do this – unless it means it will save me having to pay back ~$4,000 in premium tax credits.
submitted by /u/Peeves4411 [link] [comments]Read Morer/HealthInsurance

Leave a Reply

Your email address will not be published.