April 6, 2016
Since the Affordable Care Act was enacted, health insurance premiums and plans have become an important part of tax time. All Americans are required to have some form of health care coverage, or be subject to penalties and fines. The Premium Tax Credit exists to help make health insurance more affordable for taxpayers who purchase through the marketplace.
eTax.com offers an easy to use Premium Tax Credit calculator to assist taxpayers in determining the amount of the credit eligibility. The Premium Tax Credit is refundable, and can be applied directly to a plan once purchased through the Marketplace. In this case, the taxpayer has to reconcile the credit amount received at point of purchase with the amount eligible at tax time. If the credit is not applied when the plan is purchased, a credit can be claimed by filing a Form 8962.
By asking a series of easy to answer questions, eTax.com's Premium Tax Credit calculator uses information from a Form 1095-A, Health Insurance Marketplace Statement to determine the eligible credit amount per filing status and modified adjusted gross income amounts. The calculator is an innovative and simple way for taxpayers to understand how the Premium Tax Credit will affect their returns.
"Customers can use eTax.com's variety of tools, including the Premium Tax Credit Calculator, to ensure the accuracy of their tax returns and expected refund amount." explained Paul Stanley of eTax.com. "eTax.com is committed to exceptional customer service and helping taxpayers complete their returns simply and quickly."