If you filed for an extension of time to file your 2015 federal tax return –
and you benefit from advance
payments of the premium
tax credit being made to your coverage provider – it’s important you file
your return sooner rather than later.
You must file your 2015 tax return and reconcile your advance payments to
ensure you can continue having advance credit payments paid on your behalf in
future years. Advance payments of the premium tax credit are reviewed in the
fall by the Health Insurance Marketplace for the next calendar year as part of
their annual re-enrollment and income verification process. If you do not file
and reconcile, you will not be eligible for advance payments of the premium tax
credit in 2017. Use Form
8962, Premium Tax Credit, to reconcile any advance credit payments made on
your behalf and to maintain your eligibility for future premium assistance.
If you got a six-month extension of time to file, you do not need to wait
until this fall to file your return. You can – and should - file as soon as you
have all the necessary documentation. Taxpayers who have not filed and
reconciled 2015 advance payments of the premium tax credit by the Marketplace’s
fall re-enrollment period – including those that filed extensions – may not
have their eligibility for advance payments of the PTC in 2017 determined for a
period of time after they have filed their tax return with Form 8962.
Remember that filing electronically is the easiest way to file a complete
and accurate tax return. Electronic filing options include free
Volunteer Assistance, IRS
Free File, commercial
software and professional
assistance.
For more information, visit the Claiming the
Credit and Reconciling Advance Credit Payments web page on IRS.gov/aca.
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