Per the IRS: To be eligible for the premium tax credit, your household income must be at least 100 – but no more than 400 – percent of the federal poverty line for your family size, although there are two exceptions for individuals with household income below 100 percent of the applicable federal poverty line. Remember that simply meeting the income requirements does not mean you’re eligible for the premium tax credit. You must also meet the other eligibility criteria. Here are four things to remember about how your income affects your premium tax credit: The amount of the premium tax credit is based on a sliding scale, with greater credit amounts available to those with lower incomes. If the advance credit payments made on your behalf are more than the allowed premium tax credit, you will have to repay some or all the excess. If your household income is 400 percent or more of the federal poverty line for your family size, you will have to repay all of your excess advance credit payments. If your projected household income is close to the 400 percent upper limit, be sure to carefully consider the amount of advance credit payments you choose to have paid on your behalf. If your household income on your tax return is more than 400 percent of the federal poverty line for your family size, you are not allowed a premium tax credit and will have to repay all of the advance credit payments made on behalf of you and your tax family members. Eligibility for the Premium Tax Credit If you purchased insurance through the marketplace and received a 1095-A, that must still be reported on your return.This will calculate the Net Premium Tax Credit on Form 8962. This form reconciles the amount of the credit available to you with the amount already received as an Advance Premium Tax Credit. The result could be additional credit owed to you, or you may have to repay any amount already received in advance. Because of either of these results, it is important for taxpayers to include the information from Form 1095-A on their return. Follow these steps: Click on Deductions & Credits under Federal Under the menu for Medical, click Start/Revisit next to Affordable Care Act (Form 1095-A) Answer Yes indicating that you have the form to enter Complete the information on the next screen to match your form and click continue

Question

What is maximum income in 2019 to receive ObamaCare credits? if my total income is $43,866 do I qualify as a single tax payer?

Forum|Forum|6 years ago
March 26, 2020
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VictoriaD75

Per the IRS:

To be eligible for the premium tax credit, your household income must be at least 100 – but no more than 400 – percent of the federal poverty line for your family size, although there are two exceptions for individuals with household income below 100 percent of the applicable federal poverty line. Remember that simply meeting the income requirements does not mean you’re eligible for the premium tax credit. You must also meet the other eligibility criteria.

Here are four things to remember about how your income affects your premium tax credit:

The amount of the premium tax credit is based on a sliding scale, with greater credit amounts available to those with lower incomes.
If the advance credit payments made on your behalf are more than the allowed premium tax credit, you will have to repay some or all the excess. If your household income is 400 percent or more of the federal poverty line for your family size, you will have to repay all of your excess advance credit payments.
If your projected household income is close to the 400 percent upper limit, be sure to carefully consider the amount of advance credit payments you choose to have paid on your behalf.
If your household income on your tax return is more than 400 percent of the federal poverty line for your family size, you are not allowed a premium tax credit and will have to repay all of the advance credit payments made on behalf of you and your tax family members.

Eligibility for the Premium Tax Credit

If you purchased insurance through the marketplace and received a 1095-A, that must still be reported on your return.This will calculate the Net Premium Tax Credit on Form 8962. This form reconciles the amount of the credit available to you with the amount already received as an Advance Premium Tax Credit. The result could be additional credit owed to you, or you may have to repay any amount already received in advance. Because of either of these results, it is important for taxpayers to include the information from Form 1095-A on their return.

Follow these steps:

Click on Deductions & Credits under Federal
Under the menu for Medical, click Start/Revisit next to Affordable Care Act (Form 1095-A)
Answer Yes indicating that you have the form to enter
Complete the information on the next screen to match your form and click continue