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Mark Anderson
Mark Anderson, Tax Attorney
Category: Tax
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Experience:  Tax attorney and accountant
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I want to know how to take the health care premium tax

Customer Question

I want to know how to take the health care premium tax credit.
Submitted: 1 year ago.
Category: Tax
Expert:  Megan C replied 1 year ago.

During enrollment through the marketplace, typicality he credit will be paid directly to the company.

Everything you need to know can be found, here:

Expert:  Mark Anderson replied 1 year ago.

Here is information from the IRS to see if you qualify:

Who Qualifies

You are eligible for the premium tax credit if you meet all of the following requirements:

  • Have household income that falls within a certain range.
  • Do not file a Married Filing Separately tax return
    • Unless you meet the criteria in the regulations, which allows certain victims of domestic abuse and spousal abandonment to claim the premium tax credit using Married Filing Separately
  • Cannot be claimed as a dependent by another person.
  • In the same month – a coverage month – you, or a family member:
    • Enroll in coverage through a Health Insurance Marketplace
    • Are not able to get affordable coverage through an eligible employer-sponsored plan that provides minimum value.
    • Are not eligible for coverage through a government program, like Medicaid, Medicare, CHIP or TRICARE.
    • Pay the share of premiums not covered by advance credit payments

For more information about these eligibility requirements see Eligibility for the Premium Tax Credit.

During enrollment through the Marketplace, the Marketplace will determine if you are eligible for advance payments of the premium tax credit, also called advance credit payments. Advance credit payments are amounts paid directly to your insurance company on your behalf to lower the out of pocket cost for your health insurance premiums.

For more information about the Premium Tax Credit, see our Questions and Answers and other guidance.