Yes. You are required to file a federal income tax return for any year in which you received a premium tax credit.

When you file, you will have to calculate how much tax credit you were actually eligible for in that year. The Marketplace determination you received last year was based on your good faith estimate of what your annual income would be. When you file your tax return, you will need two special tax forms: a Form 1095-A and a Form 8962. The instructions for Form 8962 will walk you through the steps to calculate the amount of tax credit that you were eligible for based on a final calculation of your actual income. Once you’ve completed this form, you will know whether you overestimated or underestimated your income. If you underestimated your income when you enrolled, you might have received too much premium tax credit during the year, in which case you might have to repay some or all of the excess amount. There are limits on how much you will have to repay if your income was less than $60,240 in 2024 for a household of one ($81,760 for a household of two). If you overestimated your income, you might be owed additional tax credit, which you can take as a tax refund when you file your tax return.