The income amount I estimated and input when applying for my 2018 healthcare plan/premium tax credit looks like it is going to be around $7,000 less than what I'll end up reporting on my 2018 tax return. I'm a little concerned just how much I'll end up owing to cover the difference in my tax credit. Will the tax return system definitely catch this and if so, in what way/form will they make me pay it back? I am quite sure they will start with taking away any refund money, but how does it work after that? Is there a way I can estimate the difference? I can't recall how much my tax credit was and don't know how to estimate what the difference in tax credit would be considering the $7000 increase.
Also, when you underestimate your income when applying and get a certain plan with a certain deductible and start using it at the beginning of the year, then several months later file your taxes with a larger income, does the marketplace allow you to keep the same plan with same deductible/max out of pocket for the rest of the year and simply require you to pay the tax credit difference... or will they automatically switch the terms of your plan?
Also, when you underestimate your income when applying and get a certain plan with a certain deductible and start using it at the beginning of the year, then several months later file your taxes with a larger income, does the marketplace allow you to keep the same plan with same deductible/max out of pocket for the rest of the year and simply require you to pay the tax credit difference... or will they automatically switch the terms of your plan?
