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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.
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.
For tax year 2024, the EITC ranged in value from $632 to $7,380. For 2025, you can earn between $649 and $8,046. ... The premium tax credit (PTC) helps eligible individuals and families reduce the ...
With Form 8962, you are reconciling the tax credit you are entitled to with any advance credit payments (or subsidies) for the tax year. The size of your tax credit depends on the cost of ...
In 2024, federal income tax rates remain at 10%, 12%, 22%, 24%, 32%, 35%, and 37%. While these rates stay the same for 2025, the income thresholds for each bracket will adjust for inflation.
As tax season approaches, you could save money on your tax bill or get a bigger refund thanks to federal tax credits. While deductions are also useful, credits offer the advantage of cutting your ...
For premium support please call: 800-290-4726 more ways to reach us
For premium support please call: ... The tax year 2024 maximum Earned Income Tax Credit amount for taxpayers with three or more qualifying children is $7,830, an increase of $400 from tax year ...
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