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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.
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.
Some group health insurance plans may also require that the adult child not be eligible for other group health insurance coverage, but only before 2014. [94] This extension of coverage will help cover one in three young adults, according to White House documents.