Income below FPL - No credit

[cpabsd]

Single taxpayer age 62  Signed up for coverage through marketplace.  Total household income is only $6000.  Monthly premiums paid were $611.  SLCSP was $609 per month.  No credit calculating.  Is this because they were eligible for Medicaid based on low income?  

 

Thanks for any guidance.  

[Karen Lee]

I have one on my desk in that same position and I am totally confused.  Below 100% of poverty level and having to payback APTC.  I am obviously missing something.

Karen

[jklcpa]

Item 6 here on this page from IRS explanations:  http://www.irs.gov/Affordable-Care-Act/Individuals-and-Families/Questions-and-Answers-on-the-Premium-Tax-Credit

 

The disqualification is probably because the person is eligible for Medicaid.

[Cathy]

I have one on my desk in that same position and I am totally confused. Below 100% of poverty level and having to payback APTC. I am obviously missing something.

Karen

Karen, I had identical situation today. Under poverty level and had received PTC all year. Not at my desk, but maybe a box to check...his maximum payback was topped at $600.

For the kicker, had he been a legal alien and had the same income, he would not only NOT have to pay back a dime, he would have gotten an ADDITIONAL $1600+ credit refunded!

[Cathy]

PS...to my post above. If their income is OVER 400% of the poverty level, then my client would have had to pay back 100% of his PTC. Didn't check on the "legal aluen's" situation because I was already too sick from finding about his credit in my above post.

[Cathy]

Single taxpayer age 62  Signed up for coverage through marketplace.  Total household income is only $6000.  Monthly premiums paid were $611.  SLCSP was $609 per month.  No credit calculating.  Is this because they were eligible for Medicaid based on low income?  

 

Thanks for any guidance.  

 

 

Pay close attention to instructions for Line 6 and the tab at the bottom of 8962...Pt1- HI FPL...If the taxpayer can answer "Yes" to one of the exceptions since his income is under the Federal Poverty Level, the PTC is available.  Sorry my post above didn't cover that scenario!