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I have a question not even HR block could answer or the Obamacare help line here goes .........
2014 I was enrolled in plan in July after my insurance was cancelled .
I am a student and work however my income is variable and I had to estimate my earnings in July with no knowledge if work would be available in NOV and Dec but I could afford my premium with the subsidy .
I received a subsidy and picked a plan .
2015 Tax time I actually earned less than I estimated the prior year . So I received a subsidy and earned less . I fell below the 17500 highest subsidy level and above the 10200 medicaid amount . Technically I should have been in medicaid but in 2014 they based estimates on prior year earnings .
So now I am getting letters from IRS saying I did not file all the paperwork blah blah blah - I dont have the paperwork as I did not work enough
So will I now have to pay what to who . I did not make enough to technically be in the subsidy program . And now I am having to estimate for next year now I make my money again in nov and dec . So I have no idea if I will hit 17200 for the year or fall under again . It all depends on what extra work I pick up and is available on college break.
Can anyone answer the question . What happens to the subsidy for 2014 am I fined . What happens next year do I estimate again maybe I hit 17200 maybe I hit 12000 . I am caught in a circle .
Any help is appreciated .