If at the end of the year you’ve taken more premium tax credit in advance than you’re due based on your final income, you’ll have to pay back the excess when you file your federal tax return. If you are unable to repay the excess, you may be able to establish a payment plan with the IRS that allows you to pay off the balance over time.
If you’ve taken less premium tax credit than you qualify for, you’ll get the difference back.
This is why it is important for you to update your Get Covered Illinois account with any income or household changes that occur throughout the year.