If you received a premium tax credit when you purchased health insurance through the Marketplace, you’ll need to reconcile that credit when you file your taxes. This means that you’ll either get a refund for any excess credit you received, or you’ll need to pay back some or all of the credit you received.
You’ll reconcile the credit by completing Form 8962, Premium Tax Credit. This form will calculate whether you received too much or too little premium tax credit during the year.
If you received too much premium tax credit, you’ll need to repay the excess when you file your taxes. The amount you’ll need to repay is capped at $250 for an individual or $400 for a family.
If you received too little premium tax credit, you’ll get the difference as a refundable tax credit when you file your taxes.
You can find more information about the premium tax credit, including how to reconcile it, in this document from the Centers for Medicare and Medicaid Services.
