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Im considering whether or not to use our premium tax credits…

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Im considering whether or...

Im considering whether or not to use our premium tax credits in advance to pay for health insurance. we are eligible, but im worried our refund will be significantly less if we choose to do so we are eligible to receive about $650/month to pay the premuim

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We have two children, only my husband has worked this year, we got married and bought a house this year

Submitted: 7 months ago.Category: Tax
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11/30/2017
Tax Professional: Tax.appeal.168, Tax Accountant replied 7 months ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 4,750
Experience: 3+ decades of varied tax industry exp. Tax Biz owner
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Customer reply replied 7 months ago
thank you!
Tax Professional: Tax.appeal.168, Tax Accountant replied 7 months ago

How Advance Payments Affect Your Refund

If the premium tax credit computed on your return is more than the advance credit payments made on your behalf during the year, the difference will increase your refund or lower the amount of tax you owe. This will be reported in the ‘Payments’ section of Form 1040.

If the advance credit payments are more than the amount of the premium tax credit you are allowed, called excess advance credit payments, you will add all – or a portion of – the excess advance credit payments to your tax liability by entering it in the ‘Tax and Credits’ section of your tax return. This will result in either a smaller refund or a larger balance due.

REFERENCE SOURCE:

https://www.irs.gov/affordable-care-act/individuals-and-families/premium-tax-credit-claiming-the-credit-and-reconciling-advance-credit-payments

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Customer reply replied 7 months ago
I have no idea how much the credit he would usually receive in his refund would be. how can i find out?
Tax Professional: Tax.appeal.168, Tax Accountant replied 7 months ago

You can use the Premium Tax Credit Estimator on the webpage at the following link to estimate the premium tax credit.

https://taxpayeradvocate.irs.gov/estimator/premiumtaxcreditchange/

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