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Publication 974 covers the following general topics: What is the premium tax credit (PTC)? Who must file Form 8962. Who can take the PTC. Additional information to help you determine if your health care coverage is minimum essential coverage.
Publication 974 - Introductory Material. Future Developments. For the latest information about developments related to Pub. 974, such as legislation enacted after it was published, go to IRS.gov/Pub974. What’s New. New Form 7206.
The tax application includes 4 worksheets based on Publication 974, Premium Tax Credit, for taxpayers who take a self-employed health insurance deduction for health care premiums that qualify for the Premium Tax Credit (PTC).
See IRS publication 974, the Self-Employed Health Insurance Deduction and Premium Tax Credit section for more details. When this is the case the tax return can alternate between two significantly different states.
This publication is designed for individuals and families who: Enrolled in a qualified health plan through the Marketplace in 2023. Received advanced payments of the PTC (APTC) throughout the year to help pay their monthly premiums. Need to understand how the PTC works and how to reconcile their APTC with their actual PTC on their 2023 tax return.
Fortunately, the IRS has an alternative approach for reconciling the premium tax credit for the year of marriage. Depending on the circumstances, it can help an enrollee avoid having to repay the premium subsidy that was paid on their behalf for the months while they were single.
The Premium Tax Credit (PTC) makes health insurance more affordable by helping eligible individuals and their families pay premiums for coverage purchased through the Health Insurance Marketplace (also referred to as the Marketplace or Exchange). There are two ways to get the credit.