Affordable healthcare Tax Credit

[bholabhala]

What is the name of your state (only U.S. law)? Texas
I enrolled in affordable healthcare and getting premium credit; around 300 a month. I will not end up using insurance, since i am travelling out of country. Can i get the money refunded, when i file my taxes?

 

[LdiJ]

What is the name of your state (only U.S. law)? Texas
I enrolled in affordable healthcare and getting premium credit; around 300 a month. I will not end up using insurance, since i am travelling out of country. Can i get the money refunded, when i file my taxes?

For not using the insurance? No. If your income ends up being less that the amount used to calculate the subsidy you might get a bigger credit.

 

[davew128]

I don't understand the question. If you're receiving a CREDIT, what exactly is it you think you're getting a refund OF? Moreover, if you're out of the country long enough (330 days) you're not required to have insurance anyway.

 

[LdiJ]

I don't understand the question. If you're receiving a CREDIT, what exactly is it you think you're getting a refund OF? Moreover, if you're out of the country long enough (330 days) you're not required to have insurance anyway.

I think that the OP was saying that he was paying 300.00 a month for Obamacare, rather than the 300.00 per month being his advance tax credit. I do think that he needs to explain himself better. I did not read his original post as indicating that he was going to be out of the country for 330 days. Without a clear understanding of his circumstances we are not going to be able to give him clear answers.

 

[bholabhala]

I think that the OP was saying that he was paying 300.00 a month for Obamacare, rather than the 330.00 per month being his advance tax credit. I do think that he needs to explain himself better. I did not read his original post as indicating that he was going to be out of the country for 330 days. Without a clear understanding of his circumstances we are not going to be able to give him clear answers.

Maybe my post was not clear enough. I signed up for ObamaCare last month. I got premium credit of $300 a month. I will be travelling out of country and wont be signing up for insurance. Lets say i am out of country for 6 months, would i get $1980 ($330 x 6 months) credit refunded to me when i file tax return?

 

[davew128]

We have no way of knowing until you file your return.

 

[LdiJ]

Maybe my post was not clear enough. I signed up for ObamaCare last month. I got premium credit of $300 a month. I will be travelling out of country and wont be signing up for insurance. Lets say i am out of country for 6 months, would i get $1980 ($330 x 6 months) credit refunded to me when i file tax return?

Are you asking if you applied for Obamacare and would have received a premium credit of 300.00 a month, that if you choose not to buy insurance under Obamacare because you will not be living in the country for six months, that you will receive a tax credit? If so, the answer is no and that you will be penalized for not having insurance.

If that is not what you are asking then please explain yourself more clearly.

 

[bholabhala]

Are you asking if you applied for Obamacare and would have received a premium credit of 300.00 a month, that if you choose not to buy insurance under Obamacare because you will not be living in the country for six months, that you will receive a tax credit? If so, the answer is no and that you will be penalized for not having insurance.

If that is not what you are asking then please explain yourself more clearly.

This is exactly what i was asking.
Thanks

 

[tranquility]

if you choose not to buy insurance under Obamacare because you will not be living in the country for six months, that you will receive a tax credit? If so, the answer is no and that you will be penalized for not having insurance.

I believe there is an exemption for citizens living abroad.

 

[davew128]

I believe there is an exemption for citizens living abroad.

If they LIVE abroad, not just out of the country for six months like the OP.

 

[bholabhala]

Correct, there is an exception for people "living" abroad. I am not living abroad, but stay out for 6-8 months

Thanks ALL for your help