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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.
In 2014, the Internal Revenue Service (IRS) introduced a host of tax provisions to accommodate the Affordable Care Act. Robert W. Wood wrote in Forbes that the relationship between tax filing and obtaining health insurance may cause mixed feelings. Some are expected to feel they have benefited, but others may feel burdened by additional costs ...
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 portion of the premium that you pay is often deducted from your payroll expenses, meaning you’re paying the premium with pre-tax money. If your premiums are paid with pre-tax money, you can ...
The Affordable Care Act (ACA), formally known as the Patient Protection and Affordable Care Act (PPACA) and informally as Obamacare, is a landmark U.S. federal statute enacted by the 111th United States Congress and signed into law by President Barack Obama on March 23, 2010.
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The increase in the threshold for the itemized medical expense deduction from 7.5% to 10% of AGI (originally scheduled to take effect on January 1, 2017) goes into effect (per the Tax Cuts and Jobs Act of 2017). The repeal of the "individual mandate" by the Tax Cuts and Jobs Act of 2017 goes into effect, reducing the tax penalty to zero. [150]
And the tax credits that made the health care coverage more affordable for millions will expire at the end of this year, unless Congress passes a new law. Lawmakers will face a pressure campaign from hospitals and insurance companies, which supply coverage plans for the marketplace, to continue the tax credits.