2015 Premium Tax Credit

Jan 14, 2016 by

obamacare taxesThe bad news: Your U.S. federal tax return is due 3 months from this coming Monday!

The good news: 2016 is a leap yearโ€”one more day to procrastinate! ๐Ÿ˜‰

If Uncle Sam Owes You, File Now!

If someone owes you money, you’d like to be paid sooner rather than later, right? Well, in the case of a tax refund, you largely control when Uncle Sam will pay up. The sooner you file, the sooner you’ll get your money. So especially if you’re due a refund, it’s definitely not too early to start working on your tax return.

Will You Qualify for the Premium Tax Credit?

One big item you don’t want to leave on the table is the Premium Tax Credit, part of the Affordable Care Act. In a nutshell, if you purchased health insurance through a Health Insurance Marketplace and your family earns moderate or less income, you may well be due this potentially sizable credit.

Premium Tax Credit eligibility criteria include:

  • Your household income falls within a certain range.
  • With some exceptions, your filing status is NOT Married Filing Separately
  • You can’t be claimed as a dependent by another taxpayer
  • In the same month โ€“ a coverage month โ€“ you, or a family member:
    • Enroll in coverage through a Health Insurance Marketplace
    • Are not able to get affordable coverage through an eligible employer-sponsored plan that provides minimum value.
    • Are not eligible for coverage through a government program, like Medicaid, Medicare, CHIP or TRICARE.
    • Pay the share of premiums not covered by advance credit payments

 

If you’re eligible for the Premium Tax Credit, you have that much more reason to get on the stick and file now. And I’ve got a great idea for how to use your refund! ๐Ÿ™‚

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