For further assistance with the Premium Tax Credit,contact us at eFile.comand we will help you file your return so you can fulfill the IRS requirement and claim the advance tax payments. More Information on Health Insurance and Taxes TurboTax®is a registered trademark of Intuit, Inc. ...
The term “premium” refers to health insurance premiums. It doesn’t necessarily mean that thistax creditis top-of-the-line-better-than-the-rest. It’s refundable, however, and it’s even refundable in advance of filing your tax return if you ask to have the amount of your refund sent...
like an insurance plan is too expensive for you to afford. Luckily, the above-mentioned prices reflect how much an unsubsidized plan costs. For example, you may be able to qualify for subsidies, such as advance premium tax credits, that can significantly reduce the cost of your health ...
Advanced Premium Tax Credit TM What is the Advanced Premium Tax Credit (APTC)? The Advanced Premium Tax Credit is provided to those who qualify to help pay for health coverage. Your APTC is calculated based on your estimated annual household income, household size and where you live. If ...
For example, if your AGI is $100,000 and you paid $6,000 for day care for your three-year-old child, your credit would be $600 ($3,000 expense limit times 20%). This credit is nonrefundable. Earned income tax credit. You may be eligible for the earned income tax credit (EITC)...
Compliance and Regulation:The health care industry is highly regulated, and health care accountants are responsible for ensuring compliance with various government regulations and reporting requirements. They monitor changes in accounting standards, tax laws, and reimbursement policies to ensure that financial...
The Affordable Health Care Act introduced three new tax forms relevant to individuals, employers and health insurance providers. They are forms 1095-A, 1095-B and 1095-C. These forms help determine if you the required health insurance under the Act. For
If you bought health insurance through one of the Health Care Exchanges, also known as Marketplaces, you should receive a Form 1095-A that provides information about your insurance policy, your premiums (the cost you pay for insurance), any advance payment of premium tax credit and...
The premium tax credit is generally paid in advance to the insurer issuing the qualified plan as an advance payment PTC, or APTC. The APTC is credited monthly against premiums for qualified plans; i.e., plans offered through theHealth Insurance Marketplace—that is, state and federal health ...
Thepremium tax creditis also refundable. It helps individuals and families cover the cost of premiums for health insurance purchased through the health insurance marketplace.12 Partially Refundable Tax Credits Some tax credits are only partially refundable. One example is theAmerican Opportunity Tax Cred...