For the last several years, I’ve been self employed and fairly low income. In 2018, I was on a marketplace health plan (very high deductible, lowest payment option available, received no services while holding this plan). In May, I accepted a full time position which offered healthcare, so I cancelled my marketplace plan. I was only enrolled during the months I was fully self employed. In total, I made less than $40,000 in 2018. I am single with no dependents.
Now that I’m preparing my taxes, I see that I owe a significant amount of money since my annual income is higher than it would have been had I continued as an independent contractor. Before entering the info for this plan I would have received a federal refund around $300, and now I owe around $800. Even though I made very little during the months I had the plan, the credit is calculated using my total annual income. When I ended my plan, the representative I spoke with made it sound like that wouldn’t be the case. Apparently I misunderstood.
Is there anything I can do to fix this or am I stuck paying for enrolling in a plan required by law that I could not even afford at the time? I enrolled to avoid paying a penalty, and now I’m being penalized a huge amount anyways. It’s especially frustrating since I paid money into this plan and didn’t have any appointments, prescriptions, care, or use for it the entire time I was enrolled. This feels like a no win situation.
Submitted February 01, 2019 at 02:24AM by mgodseydesign http://bit.ly/2D2hsxi
