Webmd answers your questions about health care reform tax credits and subsidies to lower the amount you have to pay for your health insurance premium. 1 what is the premium tax credit the premium tax credit is a refundable tax credit designed to help eligible individuals and families with low or moderate income afford health insurance purchased through the health insurance marketplace also known as the exchange the size of your premium tax credit is based on a sliding scale. What happens if i overestimate income for tax credits and my state didnt expand medicaid im self employed live in maine and need to have a minimum annual income of approximately 11500 to qualify for obamacare. Form 8962 premium tax credit this form will be prepared for you on efilecom if you purchased health insurance through the marketplace and you are eligible for the premium tax credit form 8965 health coverage exemptions you will need to prepare this form if you are reporting that you are exempt from health care coverage. If you use more advance payments of the tax credit than you qualify for based on your final yearly income you must repay the difference when you file your federal income tax return if you use less premium tax credit than you qualify for youll get the difference as a refundable credit when you file your taxes
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