Health insurance Reimbursement
I worked at a company that did not provide health insurance, and had to sign up for Marketplace Insurance. During the 2022 tax year I worked for that company from January thru May of 2022 and paid the Marketplace Insurance based on the small salary that I received from them. Then in mid April of 2022 I was employed by a new company that provided insurance and an increase in salary. At the start of May I informed Marketplace that I was discontinuing my insurance since I received a new position. My question is when I do my taxes online it asks for the information from the 1095-A form that I received from Marketplace. My taxes before entering the 1095-A show a small return. After I enter the 1095-A form it show me owing over $700.00. Is that correct? On Turbo Tax it says I owe money because my salary increased from what they gave me the original discount on. I am confused because I cancelled the Marketplace Insurance when I moved to a new job and its making me pay a penalty for my increase in salary. But, that increase was after I dropped Marketplace Insurance. Any advice is appreciated. Thank you.
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