The Thursday, June 25, 2015, the Supreme Court ruled in favor of tax subsidies for taxpayers eligible buying insurance through managed federal exchanges.
in short, advancing credit premium taxes continue.
This is good news for millions of Americans who are enrolled in health insurance through the federal market and receive tax subsidies to help offset costs.
How did we get here?
king c. Burwell is a lawsuit that went all the way to the Supreme Court.
He contested the Affordable Care Act (ACA), also known as "Obamacare," tax credits paid by the federal government in the 36 States that establish their own exchanges.
prosecution argued that the ACA, as written, did not give the authority of the federal government to pay APTC in these states.
If the plaintiffs in King v. Burwell had won, the federal government would no longer have been able to pay the Medicare tax credits in those States under the law on the current health
key reminders: ..
Report additional information on your tax return
If you buy health insurance through a government sponsored market (federal, state, or both) and receive the tax credit on advanced premiums, remember that you will need to report some more information on your tax return. Unless you qualify for an exemption, you are required to have health insurance coverage or face a penalty tax time comes.
Market Update with all the changes of life.
It is also important to remember that you must inform the market of any changes that you experienced your household status, income and insurance. This is important because the information is used to help you get the most accurate tax credit so that you need not part of the amount back when you file your taxes.
extension filers with the premium tax credit must file by July 31, 2015.
If you filed an extension for the year 2014 of tax and you bought a health insurance coverage through a market government-sponsored health insurance, do not put off filing for much longer, if you have not already occurred your statement. To keep your tax credit on advanced premiums for 2016, you must file your 2014 return last Friday, July 31, 2015.
Still need a health insurance coverage for 2015 ?
The open enrollment period for 2015 ended; However, you might be able to qualify for a special enrollment period due to a change of life. Open Enrollment for 2016 begins on 1 November 2015 and ends January 31, 2016.
As always, we keep track of all the tax law changes so that you do not need.
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