Be Careful Here
You do not want to understate your income or you could end up owing money to the IRS.
For example, if your premiums are $1,000/month and you get an Advanced Premium Tax Credit of $800/month only paying $200/month for your health insurance. When you do your taxes and file your tax return each year, the Government will check your income. If you were only supposed to receive an Advanced Tax Credit of $700/month instead of $800/month, you’ll owe the IRS an extra $100/month x 12 months which would equal $1,200 that you would owe the IRS.
The Advanced Premium Tax Credit is an “estimation” of your pre-tax credit, so if you’ve received too much “credit,” you’ll end up paying it all back, or a portion of it back. Your percentage of Federal Poverty Level determines this.
