What if a expect to earn $15,000 next year and based on this receive a health care subsidy from the marketplace but my actual income falls short of the qualifying minimum amount of income?
If you receive a subsidy (also known as a premium tax credit) from the Health Insurance Marketplace based on an estimated income of $15,000, but your actual income for the year falls below the federal poverty level, which is the minimum for qualifying for the subsidy, there are a couple of things to consider: 1. **Reconciliation on Tax Return**: Normally, when you file your tax return, you must reconcile the amount of subsidy you received with the amount you were eligible for based on your actual income. If your income is lower than estimated, you might have been eligible for a larger subsidy, and you could claim the difference as a credit on your tax return. 2. **Income Below Minimum Threshold**: However, if your income is so low that it falls below the minimum threshold for subsidy eligibility, the IRS has provided relief for individuals in this situation. According to the IRS, if you estimated your income in good faith and received a subsidy, but then your income falls below the threshold, you will not have to pay back the subsidy when you file your taxes. 3. **Medicaid Eligibility**: If your income is below the federal poverty level, you may be eligible for Medicaid, depending on your state's rules. Medicaid is a program that provides health coverage if you have a very low income. It's important to report any changes in your income to the Health Insurance Marketplace during the year, as these changes can affect your premium tax credit. If your income decreases, you may qualify
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