LBCPA News
Click here to go backTAS Tax Tip: Claiming the Health Care Premium Tax Credit
The Premium Tax Credit (PTC) makes health insurance more affordable by helping eligible individuals and their families pay premiums for coverage purchased through the Health Insurance Marketplace (also referred to as the Marketplace or Exchange).
There are two ways to get the credit:
- If you qualify for advance payments of the premium tax credit (APTC), you can choose to have all or some of the advance payments paid directly to the insurance provider to help cover your monthly premiums.
- You can choose to receive the entire benefit when you claim the PTC on your tax return.
However, whether you chose to get advanced payments or claim the credit on the tax return, you must file a federal income tax return, even if otherwise not required to file, and include a completed Form 8962, Premium Tax Credit. If you do not include this form when filing, the IRS will stop processing your tax return and request it from you.
If you have any questions regarding accounting, domestic taxation, essential business accounting, international taxation, IRS representation, U.S. tax implications of Real Estate transactions or financial statements, please give us a call at 305-274-5811.
Source: TAS