Hi Butch, you are here. The question is, how do you become eligible for tax credit? Those in the open enrollment period could apply on the marketplace and potentially qualify for a tax credit. However, not everybody will qualify. The only place you can get the tax credits is on the marketplace if you applied interactively and filed your taxes at the end of the year. This is the way the law is currently written as of March 2014. If you did not take enough advance credit or no advance credit, you cannot get a health insurance tax credit at the end of the year unless you applied through the marketplace. To qualify, it depends on your filing status. If you are single, married, or filing separately, you may or may not qualify for the tax credit. Married individuals filing separately do not qualify, while single individuals or those who file as head of household may qualify, depending on their income. If your income falls within the parameters set by the government, you will potentially qualify for the tax credit. Another factor that determines eligibility is the percentage of premiums. Unfortunately, the young and invincible are having a hard time qualifying for the tax credit and are often pushed toward Medicaid. This is because they feel that the premiums are not high enough. Even if your income exceeds the Medicaid limit, you are not eligible for the tax credit if your premiums are not deemed high enough to be affordable. There are also other household questions that come into play, such as whether you are insuring children or not. These are issues and questions that are addressed on the health insurance marketplace website. Insurance agents who have undergone federal training will be able to guide you through the process. These are some of the...
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Health coverage tax credit eligibility Form: What You Should Know
To use the 2024 CTC, make your first premium payment due and then make a tax payment for the balance of the credit.
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