I’m self employed and my income for 2021 ended up being *significantly* lower than the reported estimated income used to apply for medical insurance tax credits. As a result, it’s looking like I’m going to have to pay back the full amount of tax credits I received which is going to end up being more than I even earned this year (it was a REALLY bad year). My insurance agent said I can reach out to the IRS and ask them for leniency but I don’t even know where to start. I feel so overwhelmed and devastated. This is going to put me in significant debt on top of an already abysmal year and with student loans resuming in January I don’t know what I’m going to do. How do I go about finding out who I need to speak with at the IRS?
I’m confused. You earned *less* than anticipated, and still expect to owe the IRS? Did you use the full amount of your tax credit? If you earn less than expected, usually you should not owe. If you go over your estimate, that is when you should owe, I thought.
Disclaimer: not that much of an expert, but have been on marketplace insurance for several years now