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The eligibility criteria for the premium tax credit is determined by section 1401 of the Affordable Care Act (Obamacare). The Act was signed into law on March 23, 2010, and specified that the credits are only available to individuals and families who have enrolled in a health plan offered on a healthcare exchange.
The premium tax credit is a refundable tax credit in the United States that’s designed to help eligible individuals and families with low or moderate income afford marketplace health insurance.
The size of your tax credit depends on the cost of available health insurance, your family … Continue reading → The post All About IRS Form 8962 and Calculating Your Premium Tax Credit ...
It can be paid in advance directly to a healthcare insurance company to offset the cost of monthly health insurance premiums. For the 2015 tax year 1.6 million taxpayers overestimated the amount they were supposed to receive for the advance tax premium. The average amount owing was $800.
Tax credits can save you money at tax time by reducing what you owe. If you purchase health insurance through the Health Insurance Marketplace, you may qualify for the Premium Tax Credit.
Employers who purchase health insurance through the program may get a tax credit of up to 50% of their premium contributions. The tax credit via Form 8941 is available only to businesses that meet certain standards. Firstly, employers have fewer than 25 employees. [8] Secondly, their employee salary must be less than an average of $50,000. [8]
Individuals can use the information on Form 1095 to fill the "Health care: individual responsibility" line on Forms 1040, 1040A or 1040EZ. ... (premium tax credit ...
In 2021, the American Rescue Plan Act introduced subsidies that expanded eligibility for premium tax credits to enrollees with incomes 400% above the federal poverty line — which is $60,240 for ...
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