Healthcare Checkup
Changes in income or family size may affect the amount of the premium tax credit a taxpayer is entitled to receive. Therefore, now is a good time for taxpayers who are receiving an advance credit to do a midyear premium tax credit checkup to see if an adjustment to the credit is needed. According to the IRS, taxpayers should report changes to their Marketplace as they occur. Changes in circumstances that should be reported include: an increase or decrease in income, marriage or divorce, the birth or adoption of a child, starting a job with health insurance, gaining or losing eligibility for other health care coverage, and changing residences. Reporting the changes will help taxpayers avoid getting too much or too little advance payment of the premium tax credit. The IRS warned, "Getting too much means you may owe additional money or get a smaller refund when you file your taxes. Getting too little could mean missing out on premium assistance to reduce your monthly premiums."
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