Please note the information below is intended to provide generalized information that is appropriate in certain situations.  It is not intended or written to be used, and it cannot be used by the receipient, for the purpose of avoiding federal tax penalties that may be imposed on any taxpayer.  The contents of the information provided below should not be acted upon without specific professional guidance.  Please call us if you have any questions.

Do you receive your health insurance coverage through the government’s Health Insurance Marketplace? Many who do also qualify for a premium tax credit, which those with moderate incomes can use to help pay for coverage. You can choose to get the credit immediately or to receive it as a refund later when you file your tax return. 

Taking the credit up front can help you defray the costs of coverage, but remember that the amount you’re eligible for may be affected by changes in your circumstances during the year. You may end up qualifying for a higher or lower credit depending on changes in your income or the size of your family, so it’s important to report those changes to the Marketplace when they occur. If you have questions about the tax consequences of your health insurance plan or any other tax-related issues, please contact our office today.