If you are eligible, you can claim your Premium Tax Credit (PTC) on your 2015 income tax return. The PTC is a tax credit that provides financial assistance on health plan premiums for those who have enrolled in the health insurance Marketplace. Many individuals who have purchased a health insurance plan through the Marketplace are eligible for this assistance and can choose either having the premium paid directly to the insurer or receive the payment when they file their tax return. You must file Form 8962 to calculate your PTC.
If you are eligible to take an Advance Premium Tax Credit (APTC), you must file a federal tax return and reconcile the APTC with the actual PTC allowed on your return. The APTC is an annual payment made directly to your insurance provider that pays for part or all of the premiums for a qualified health plan coverage for you or your household.
If the PTC is more than the APTC, you can receive the difference as a tax credit on your tax return, which will reduce your tax payment or increase your refund. If the APTC is more than what you are eligible for, you must repay some or all of it when you file your tax return. If you purchased a health insurance plan through the Marketplace, you should have received Form 1095-A, the Health Insurance Marketplace Statement. This form is used to file your taxes correctly.
To find a Liberty Tax® ACA Advisor at your local Liberty Tax® office, call 800-673-8600 or visit www.healthcaretaxinfo.com.