The Tax Professionals Blog — Premium Tax Credit
When a Repaid Premium Tax Credit Can Be a Medical Deduction
Posted by Lee Reams Sr. on
Where an employer, for any month, offers an employee affordable ACA compliant health insurance, the employee is not qualified for a premium tax credit. However, some taxpayers, not being aware of that restriction, acquired their insurance through the marketplace since it was subsidized by the advance premium tax credit (APTC) and turned out to be less costly than the affordable coverage offered by the employer. How Married People Filing Separately Can Qualify for the Premium Tax Credit
Posted by Lee Reams Sr. on
Generally, a married taxpayer filing separately (MFS) who does not qualify as a victim of domestic abuse or spousal abandonment cannot take the premium tax credit (PTC) and thus must repay all advance premium tax credit (APTC) received (Sec 36B(c)(1)(C)).
Obama Care Adds New Levels Of Complexity To The Tax Return
Posted by Lee Reams Sr. on
The insurance mandate, along with its low-income subsidies available from the insurance marketplaces and penalties for not being insured, is going to involve a massive amount of information reporting that must be fed into the tax return by the preparer. So get yourself a white smock, because you are now part of the U.S. health care system!