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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.
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.
Earned income tax credit. Premium tax credit. Additional child tax credit. Partially Refundable Credits. ... The nonrefundable child tax credit is worth $2,000 per eligible child in 2024.
The Premium Tax Credit (PTC) is a refundable tax credit, payable by the Internal Revenue Service (IRS) to qualifying individuals who have obtained healthcare insurance through a healthcare exchange (marketplace) in the tax year.
The premium tax credits were paid to approximately 8 million persons in 2017, out of the 10 million on the ACA exchanges. For those receiving the premium tax credit subsidies, there is little financial impact even from sizable increases in premiums, as the premium tax credit rises along with it.