What if My Income Goes Up After I Qualify for a Subsidy? And What Do I Need to Do to Get My Subsidy Back?
If your income goes up during the year but you received a subsidy that was too high, the government might ask you to pay either part, or all of it back. If so, the IRS will either take it out of your tax return, or ask you to write them a check. Either way, any amount you over or underpay, will be adjusted when you file your taxes.
To get your subsidy back, go to the marketplace website, and give them your updated income information. From there, your subsidy will be adjusted accordingly.
Stephanie Haltiner
We assists small groups and individuals in providing and understanding health insurance plans. We have built our business on helping property & casualty agents and financial advisers consult with their clients to have clear health care coverage for their clients.
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