the Premium Tax Credit if you buy health insurance through the Health
Insurance Marketplace or if you are ineligible for coverage through an
employer or government plan and are within the income limits.
If you file your tax return using the filing
status Single, Married Filing Jointly, Head of Household or
Qualifying Widow/Widower, you may be eligible for the premium
tax credit if you meet the other criteria. However, if you are
married and you file your tax return using the filing status Married Filing
Separately, generally you will not be eligible for the premium tax credit.
During enrollment through the Marketplace
and using
information you provide about your projected income and family
composition for the year, the Martketplace will estimate the amount of the premium tax
credit you will be able to claim on your tax return. You must file a federal income tax return for any tax year
that you receive advance Premium
tax credit payments in any amount or if you plan to claim the
premium tax credit.
If you get your
health insurance coverage through the Health Insurance Marketplace, you may
be eligible for the premium tax credit and make purchasing health insurance
coverage more affordable. You must however, enroll in the open enrollment
periods stipulated by the Department of Health and Human Services. The
Department of Health and Human Services administers the requirements for the
Marketplace and the health plans offered by this Marketplace. The open
enrollment period to purchase health care insurance for 2015 is from
November 15, 2014 through February 15, 2015.
If you qualify
for the Premium Tax Credit, you must get insurance through the Marketplace.
You can choose to get the credit now in advance or get the credit later when
you file your tax return. If you choose to get the credit now, it can help
you pay for your monthly premiums. You can decide if you want to have all,
or some or none of the Premium Tax Credit in advance directly to your
insurance company. If you receive advance Premium Tax Credit payments in any
amount or if you plan to claim the credit, you must file a tax return for
that year. If you decide to claim the Premium Tax Credit later when you file
your tax return, it will either increase your refund or lower your balance
due.
Individual Shared Responsibility Provision
The individual shared responsibility provision
requires you and each member of your family to have minimum
essential coverage, an exemption from the responsibility of having minimum
essential coverage, or make a share responsibility payment when you file
your return in in 2015. Under the Affordable Care Act, the Federal
government, State governments, insurers, employers, and
individuals share the responsibility for health insurance
coverage beginning in 2014. As a result, you will report minimum
essential coverage, report exemptions, or make any individual shared
responsibility payment when you file your 2014 federal income tax return in
2015.
If you and your family need to acquire minimum
essential coverage, you can acquire health insurance coverage
provided by your employer or health insurance purchased directly from an
insurance company. You can acquire health insurance purchased through
the Health Insurance Marketplace in the area where you live, where you may
qualify for financial assistance. You can also acquire coverage provided
under a government-sponsored program for which you are eligible including
Medicare,
