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Are You Eligible for the Premium Tax Credit?

The premium tax credit (PTC) can be claimed on the individual income tax return of people who are enrolled in a qualified health plan through a Health Insurance Marketplace.

If this scenario describes you, you may be eligible for the credit. To find out, access the IRS’ website and answer a series of yes-or-no questions. You may wonder if your household income is at least 100% but not more than 400% of the federal poverty line; the IRS offers a chart with guidelines for the federal poverty line for different sized families. (You may have to scroll down to see it.)

Reaching the end of the questions does not ensure you will receive a credit. You must then review the instructions and complete Form 8962. File it with your 2016 income tax return.

An alternative to using the yes-or-no flowchart is to use the Interactive Tax Assistant. Be sure to assemble all the information the site says is needed before beginning.

If you’re not yet signed up for a health plan, the Health Insurance Marketplace is currently in open enrollment season. Hurry though, because it’s available only through Jan. 31, 2017. (If you need coverage to start Jan. 1, sign up by Dec. 15.)

This information is provided as a service from the healthcare accounting team at Patrick & Robinson CPAs, which has served the business community and individuals with complex tax needs since 1982. We can be reached at Office@CPAsite.com or 904-396-5400.

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