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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 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 ...
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.
The U.S. Department of Health and Human Services (HHS) and Internal Revenue Service (IRS) on May 23, 2012, issued joint final rules regarding implementation of the new state-based health insurance exchanges to cover how the exchanges will determine eligibility for uninsured individuals and employees of small businesses seeking to buy 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 ...