If you received too much in advance premium tax credits, the law limits the maximum payback for most people. The amount you must pay back to the IRS is based on your final income—the lower your income, the lower the amount of the payback. When you complete Form 8962, you will find out if a maximum payback amount applies to you. If you are entitled to a larger tax credit than you received in advance, you will receive the full amount as part of your refund.
The maximum payback amounts help protect you from incorrect estimates, changing circumstances and mistakes. If you do find that you owe money this year, Virginia's Insurance Marketplace can work with you now to help avoid this happening again next year. You can call us at 1-888-687-1501 to learn more.
This is why it is important for you to be updating your Virginia's Insurance Marketplace account with any income or household changes that occur throughout the year.