If you have purchased health insurance through the government market health insurance in 2014, you should receive a 1095-in mail form.
This January, you could receive a new form, in addition to the usual tax documents that appear in your mailbox.
you should expect to receive Form 1095-a January 31, 2015 if you bought the insurance market in 2014.
you can also get a hold of this form visiting your website on the market.
Why do I need Form 1095-A
You will need 1095-A form to fill out IRS Form 8962 - ?. premium tax credit (PTC)
This form is required if you have received credit through advance credit payments, or if you want to claim the tax credit on premiums.
When and how do I file the 8962 form?
8962 form part of your income tax return for 2014.
If you use TaxAct to prepare your return, the program will ask you questions and to prepare the 8962 form for you if necessary.
Am I eligible for the tax credit on premiums?
you usually qualify for the tax credit on premiums to help pay your health insurance premiums if you are in the lower middle income ranges, if you are not eligible for insurance through a government program such as Medicare, Medicaid or CHIP, and if your employer does not sponsor a qualification plan is considered affordable for your income level.
You also can not be claimed as a dependent on the return of someone else, such as your parent. Also, you can not claim the tax credit on premiums if you are married filing separately.
How do I do before I qualify for more than a tax credit on premiums?
Your credit is deleted 100% to 400% of the federal poverty level. (Limits to Hawaii and Alaska are higher.) If your income exceeds the upper limit, you are not eligible for a tax credit on premiums.
The following income limits apply to residents of most states for 2014 and 2015, based on family size:
2014 income limits:
- $ 11,40 to $ 45,960 for an individual
- $ 15,510 to $ 62,040 for a family of 2
- $ 19,530 to $ 78,0 for a family of 3
- $ 23,550 to $ 94,0 for a family of 4
2015 income limits:
- $ 11,670 to $ 46,680 for special
- $ 15,730 to $ 62,920 for a family of 2
- $ 19,70 to $ 79,0 for a family of 3
- $ 23,850 to $ 95,400 for a family 4
higher your income, the more assistance you generally receive a tax credit on premiums.
What is included in the household income for the purposes of the tax credit on premiums?
to determine your household income for this purpose, start with your adjusted gross income.
your adjusted gross income includes all taxable income, reduced by "adjustments", including moving expenses and retirement plan contributions
Add the following to calculate your household income:
- nontaxable social security benefits
- the tax-exempt interest income.
- foreign income Excluded
TaxAct calculates your household income and allowable credit for you.
If my income disqualifies me for advance credit payments I have received, how much would I have to pay?
If you make more money than expected in a year you receive advance credit payments, and your income exceeds 400% of the federal poverty level, you must pay back any advance credit payments you received.
However, if you've done more than expected, but your income is still less than 400% of the federal poverty level, the amount you must pay is capped.
For example, if your income is below 0 percent of federal poverty level ($ 22,980 for an individual in 2014), you will have to pay over $ 300 for advance credit payments. In 2015, this income limit for an individual is $ 23,340.
If your income is below 300% of federal poverty level, the maximum amount you have to repay individually is $ 750.
If your income is below 400% of federal poverty level, as an individual, you will not have to repay more than $ 1.250.
How can I avoid having to repay the advance credit payments for 2015?
to avoid payments next year advance loan you have to repay, you may claim fewer or no want of advance credit payments for 2015.
this way, you can always get all the credit you deserve after the end of 2015, but you will not risk losing your tax refund or have to pay a large tax bill if you must repay the advance credit payments.
a premium support by the government insurance market disease helped you offer insurance coverage?
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