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Premium Tax Credit Check up

If you have insurance through the Health Insurance Marketplace, you may be getting advance payments of the premium tax credit. These are paid directly to your insurance company to lower your monthly premium. Changes in your income or family size may affect your premium tax credit. Any taxpayers who  receive an advance premium tax credit might want to consider if they have experienced changes in their circumstance in the first half of the year.  Any advances on the premium tax credit will be reconciled on the taxpayer's individual return, and if too much has been taken the taxpayer will be required to pay back the excess.  Taxpayers that wish to avoid any surprises from this calculation should make sure to report any change of circumstance to their Marketplace as they occur.  Some of the changes that should be reported include marital status, change of dependants, significant changes in annual income, finding a job that provides health insurance, or changing residence.

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