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In the first 9 months of this year I had a relatively high income. However, I have no income since October. I used to have health insurance from my employer but now I am trying to get health insurance on the obamacare website (washington state) for the rest of the year (2 months).

Based on the website I qualify for tax credit to lower my health insurance premiums - as currently I have no income. That doesn't look right to me.

My question is whether I qualify for the tax credits for the months of November and December or not. I mean is the tax credit based on my yearly income including the months I worked or is calculated on a month-to-month basis.

In short: Currently I have zero income but I'll report a high income on my yearly tax return. Do I qualify for obamacare tax credits to lower my premiums for the months of no income?

Palo
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1 Answers1

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Your "relatively high" income will likely keep you from getting a subsidy. To be sure, there's a calculator that will help you. For most tax related issues, it's the year's total that matters. If you made $90K in 6 months or even two weeks, that's income in 2015.

JoeTaxpayer
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