You may be eligible to claim the
premium tax credit on your 2015 income tax return. The premium tax credit helps
eligible individuals and families with low or moderate income afford health
insurance. Millions of people who
purchased their coverage through a health insurance Marketplace are eligible for premium assistance through the premium tax credit,
which individuals chose to either have paid upfront to their insurers as
advance payments to lower their monthly premiums or receive when they file
their taxes.
If you received the benefit of advance credit payments, you must
file a federal tax return and reconcile the advance credit payments with the
actual premium tax credit you are eligible to claim on your return.
Failing to file your tax return to reconcile advance payments will prevent you
from receiving advance credit payments in future years.
You will use IRS Form 8962, Premium Tax
Credit (PTC) to make this comparison and to claim the credit. If
your advance credit payments are in excess of the amount of the premium tax
credit you are eligible for, based on your actual income, you must repay some
or all of the excess when you file your return, subject to certain caps.
If you or anyone on your tax return enrolled in health coverage
through the Health Insurance Marketplace, you should receive Form 1095-A, Health
Insurance Marketplace Statement from your Marketplace form by early
February. Use the information from
Form 1095-A to file your taxes accurately. This information includes the name
of your insurance company, dates of coverage, amount of monthly insurance
premiums for the plan you and other members of your family enrolled in, amount
of any advance payments of the premium tax credit for the year, and other
information needed need to compute the premium tax credit.
Using tax preparation software is the best and simplest way to
file a complete and accurate tax return as it guides individuals and tax
preparers through the process and does all the math. Electronic filing options include IRS Free File for taxpayers who qualify, free volunteer assistance, commercial software, and professional assistance.
More Information
Visit the PTC Eligibility page on
IRS.gov/aca or use our interactive tool, Am I
eligible to claim the Premium Tax Credit? on IRS.gov to determine
your eligibility.
For more information about the Affordable Care Act and filing your
2015 income tax return, visit IRS.gov/aca.
Subscribe to IRS Tax Tips to get easy-to-read tips via e-mail from the
IRS.
No comments:
Post a Comment