Vanessa A
Expert Alumni

Get your taxes done using TurboTax

That will not work that way.  Are you insured through the Marketplace?  If so, the credit goes directly to the insurance company.  You do not get it. It is not counted as a tax credit like the EITC or other refundable credit. 

 

 If you are not getting it paid to the insurance company every month to cover your premiums, then you would be telling the IRS that you did not believe you were eligible for it, so there is no reason to enter anything at all for the PTC on form 2210.

 

What other income do you have?  Self-Employed?  Employee wages? 

 

If you do the conversion on 12/31/24, and the rest of your income was earned evenly, pay the taxes on the income as you earn it to avoid taxes.  Then when you do the conversion, you will need to pay on 1/1/25 for the conversion. 

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