Q&A of the Week July 3, 2024

Question

What is the Premium Tax Credit, am I eligible for it?

Answer

Taxpayers who purchase health insurance through a Health Insurance Marketplace for themselves or others in their tax family may be eligible for the Premium Tax Credit.

PTC helps make purchasing health insurance coverage more affordable for people with low to moderate incomes. You must file a tax return to claim the premium tax credit.

The Premium Tax Credit is refundable, so even if you have little or no income tax liability you still may benefit.

Read more here: https://www.irs.gov/taxtopics/tc612