What is 200% of FPL for 2023 tax return

[RetiredAndLovingIt]

Am I correct that I should be using the 2022 FPL number for my 2023 Form 8962 line 4 reconciliation?
I could not figure out why I had to pay back more PTC than I expected when I used the 2023 number which bumped me over 200% of FPL.
I believe my income should be less than $27180 to cap how much I need to pay back at $350.


https://www.healthcare.gov/glossary/federal-poverty-level-fpl/

 

[Morgan22]

Am I correct that I should be using the 2022 FPL number for my 2023 Form 8962 line 4 reconciliation?
I could not figure out why I had to pay back more PTC than I expected when I used the 2023 number which bumped me over 200% of FPL.
I believe my income should be less than $27180 to cap how much I need to pay back at $350.


https://www.healthcare.gov/glossary/federal-poverty-level-fpl/

Yes, you are correct according to the Covered CA 2023 FPL chart. It looks like $27,180 is 200% FPL for a single person.

Regarding how much you need to pay back, I have no idea since you didn't let us know what you originally let CA know what your expected 2023 income was, etc.

 

[RetiredAndLovingIt]

Thank you.
I need to stay under that 200% number to cap my PTC payback at $350. I ran the what if worksheet if TurboTax 2022 program and it still wants a lot more than that. I also corrected and re ran it in the vita taxslayer program and that dropped what I need to pay to $350 which is what I expected. I just wish I could see it in Turbotax as well so I guess I'll run to my daughters and install this years program and try again. I left my final Roth Conversion till today so I need to finalize the numbers quickly.

 

[RetiredAndLovingIt]

Income related PTC subsidy caps for 2023 and 2024 are in this article

https://thefinancebuff.com/pay-back-aca-health-insurance-subsidy-tax-credit-cap.html