GoneSwimming
Confused about dryer sheets
- Joined
- Mar 3, 2024
- Messages
- 1
When you register for ACA coverage in New Jersey using the state exchange, you can get federal Advanced Premium Tax Credit (APTC), and possibly also a state subsidy called "Additional monthly premium savings / New Jersey Health Plan Savings." The amount of each subsidy depends on your estimated income. For whatever reason, the state subsidy is sometimes higher with higher MAGI. It is awarded in tiers of $80 or $100 or $200 per month (per couple).
It's clear that the federal APTC subsidy gets reconciled to actual income on your 1040. Is there anyway to reconcile the state subsidy? My income was higher than predicted in 2023 due to higher interest rates and a little part-time work, so my federal subsidy went down. If I had predicted this higher income correctly, I would have gotten an extra $100/month state subsidy. I just finished my NJ income tax, and there seems to be no reconciliation in the state income tax process.
It's clear that the federal APTC subsidy gets reconciled to actual income on your 1040. Is there anyway to reconcile the state subsidy? My income was higher than predicted in 2023 due to higher interest rates and a little part-time work, so my federal subsidy went down. If I had predicted this higher income correctly, I would have gotten an extra $100/month state subsidy. I just finished my NJ income tax, and there seems to be no reconciliation in the state income tax process.
