Guest Post: Health insurance changes are coming – don’t get caught without coverage Have you heard? A year of postpartum care is now included with Medicaid! Medicaid Redeterminations - Implications for the federal public health emergency unwinding Tagged: taxes, tax, IRS, ACA, APTC, PTC, Advanced Premium Tax Credit, income One more caveat-if you don't reconcile your tax credits, then you won't be able to get Advance Premium Tax Credits on the Marketplace next year. If, for instance, you had employer coverage the first half of the year, and Marketplace coverage the second half of the year, you will indicate that on your taxes, but you will only reconcile your APTCs for the second half of the year. You only need to reconcile tax credits for the months where you had APTCs. This reconciliation, as it is called, happens with the help of Form 8962. If you estimated your income high (and don't do as well financially), you may get some additional Premium Tax Credits. If you estimated low (and end up making more money), you may owe back some of those tax credits. If you estimated correctly on your income, your Advance Premium Tax Credits turn into Premium Tax Credits, and you don't owe anything, but you also don't get anything back. At the end of the year, you take a look back. As can be seen in the example above, you get Advance Premium Tax Credits (APTCs) when you do your application for health insurance on the Marketplace.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |