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Per article below, the ACA subsidy that must be returned if AGI is over 400% of poverty level, maxes at 8.5% of the AGI. Is this a correct reading? (In 2020 returns, enacted retroactively, the excess subsidy did not need to be returned at all.)
https://www.healthinsurance.org/obamacare/beware-obamacares-subsidy-cliff/
Solved! Go to Solution.
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From: https://www.irs.gov/pub/irs-dft/i8962--dft.pdf
"For tax years 2021 and 2022, taxpayers with household income that exceeds 400% of the federal poverty line for their family size may be allowed a PTC."
"Level Up" is a gaming function, not a real life function.
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American Rescue Act, Section 9661:
‘‘(E) TEMPORARY RULE FOR 2021 AND 2022.—In the case of a taxable year beginning in 2021 or 2022, subparagraph (A) shall be applied without regard to ‘but does not exceed 400 percent’.’’.
It increases the potential credit too. And if a person collects Unemployment, their income is considered to max out a 133%.
