11/22/2023 0 Comments Turbotax advance 2021![]() ![]() You can also claim the premium tax credit after the fact on your tax return with your actual income. This counts as the advance premium tax credit. ![]() You can receive this credit before you file your return by estimating your expected income for the year when applying for coverage in the Marketplace. The premium tax credit is a refundable tax credit that can help lower your insurance premium costs when you enroll in a health plan through the Health Insurance Marketplace. You must meet certain requirements to claim this refundable tax credit and file Form 8962 with your tax return.īut what is Tax Form 8962? This form reports information related to claiming an offset to the cost of purchasing health insurance through the national Health Insurance Marketplace. The premium tax credit came about after the Affordable Care Act in 2009. If you use more of the PTC than your final taxable income allows, you may need to repay the difference when you file your taxes, but if you use less than you qualify for, you may receive the difference as a refundable credit on your return.You'll need to use Tax Form 8962 to determine your eligibility for the PTC. ![]() If you’re eligible, you can use the PTC to reduce the premiums you pay during the year for your health insurance, or you can receive the full credit when you file your tax return.If your estimated income falls between 100% and 400% of the federal poverty level for a household of your size, and you purchase health insurance through the national Health Insurance Marketplace, you may be eligible for the Premium Tax Credit (PTC). ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |