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The Internal Revenue Service (IRS) has a tax credit designed to help taxpayers reduce the cost of health insurance. Depending on your financial situation, the benefit can be used to lower monthly premiums or claimed when filing the federal tax return.
To access this benefit, it is necessary to meet a series of conditions that differ from other tax credits and deductions, such as the health insurance must be purchased through the Health Insurance Marketplace.
The Government authorizes Premium Tax Credit deposits for all people who meet these requirements: Who can access it?
The Premium Tax Credit is a refundable tax credit that helps pay health insurance premiums. It only applies to plans purchased through the Health Insurance Marketplace, whether federal or state.
The amount will depend on household income, family size, the cost of the health plan, and the information that was reported.
It can be received by:
- Those who are not eligible for an affordable health plan offered by an employer that meets minimum requirements
- Those who are not eligible for certain government programs such as Medicaid, Medicare, CHIP or TRICARE
- Those who have not been claimed as dependents on another person’s return
- Those who meet the income requirements established by the IRS (check them by clicking here)
How do you claim the Premium Tax Credit?
This credit can be received in two ways:
- As an advance payment (Advanced Premium Tax Credit or APTC) to reduce the monthly premium
- As a refund or tax reduction by including it on the tax return
In either case, the following steps will have to be followed and completed:
- Enroll in a Marketplace plan
- Complete the application indicating estimated income
- Choose whether to receive the credit in advance or when filing taxes
- File the federal return
- Attach Form 8962
- Use the information from Form 1095-A sent by the Marketplace
- Reconcile the advance payments received with the credit that actually corresponds