HCTT-2014-22, It’s Not Too Late to Report Changes in Circumstances that May Affect Your Premium Tax Credit
Internal Revenue Service (IRS) sent this bulletin at 10/31/2014 11:28 AM EDT
|
Useful Links:News EssentialsThe Newsroom TopicsIRS Resources
|
Issue Number: HCTT-2014-22Inside This IssueHealth Care Tax Tip
It’s Not Too Late to Report Changes in Circumstances that May Affect Your Premium Tax Credit
If you enrolled in insurance coverage through the Health Insurance Marketplace , you are required to report changes to the Marketplace when they happen, like changes to your household income or family size, because they may affect your eligibility for the advance payments of the premium tax credits.
Changes in circumstances that you should report to the Marketplace include, but are not limited to: · an increase or decrease in your income
For the full list of changes you should report, visit HealthCare.gov/how-do-i-report-life-changes-to-the-marketplace.
There is still time left this year to report changes. Reporting changes will help you avoid getting too much or too little advance payment of the premium tax credit. Getting too much means you may owe additional money or get a smaller refund when you file your taxes. Getting too little could mean missing premium assistance to reduce your monthly premiums. Therefore, it is important that you report changes in circumstances that may have occurred since you signed up for your plan.
When you report a change, you may be eligible for a Special Enrollment Period. For more information, visit HealthCare.gov.
More Information
To find out more about the premium tax credit and other tax-related information about the health care law, visit IRS.gov/aca.
IRS videos explaining the premium tax credit are available on the IRS Health Care video playlist.
Subscribe to IRS Tax Tips to get easy-to-read tips via e-mail from the IRS. Thank you for subscribing to IRS Tax Tips, an IRS e-mail service. For more information on federal taxes please visit IRS.gov. This message was distributed automatically from the IRS Tax Tips mailing list. Please Do Not Reply To This Message. |