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Premium tax credit vs tax refund

premium tax credit vs tax refund

Youll need to use the regular Form 1040 and Schedule.
If you are already owed a tax refund, the refundable credit will be added to increase the amount of your refund.
And, just as with tax credits, taking certain deductions requires meeting certain qualifications based on your filing status, current life events and the amount of your income thats taxable.If you also receive Form 1095-B or Form 1095-C, which are unrelated to the Marketplace, see our questions and answers for information about how these forms affect your tax return.The amount varies depending cash sweep bank account on your filing status.In other words, a refundable credit is subtracted from the amount of taxes you owe (after deductions similar to the way the tax withheld from your paycheck is subtracted from your total yearly tax liability.However, not all tax credits are created equal.Most tax credits are nonrefundable, which means that any excess amount expires the year in which it is used and is not refunded to you.Eligibility for the Premium Tax Credit.The standard deduction in 2017 for single filers and married couples filing separately is 6,350; its 12,700 for married couples filing jointly.Are not able to get affordable coverage through an eligible employer-sponsored plan that provides minimum value.These credits are treated just like tax payments that you make to the IRS, such as income taxes withheld from your paycheck or estimated tax payments that you make throughout the year.If together they exceed the value of the standard deduction, youll want to itemize.You: Have household income that falls within a certain range.

Therefore, it is to your advantage to purchase your health insurance through the Marketplaces even if your household income does not qualify you for aptc at the time you apply (i.e., your household income is too high).
For those filing as heads of household, the standard deduction is 9,350.
Premium Tax Credit Tool, use our interactive premium tax credit tool to see if you qualify.
However, some tax credits are refundable and can actually increase your tax refund.If together your itemized deductions exceed the value of the standard deduction, youll want to itemize.Itemizing allows you to total the amount you spent on allowable deductions.Partially Refundable Tax Credits, certain tax credits are considered partially refundable because they fit into both categories.See our picks for the best tax software Want to dive deeper?You claim the premium tax credit and reconcile the credit with the amount of your advance credit payments for the year on Form 8962.When you enroll, the Marketplace will determine if you are eligible for advance payments of the premium tax credit, also called advance credit payments.Claiming the Credit and Reconciling Advance Credit Payments page.A nonrefundable credit is subtracted from your income tax liability, up to the total amount you owe.Claiming and Reconciling the Credit, if you get the benefit of advance credit payments in any amount or if you plan to claim the premium tax credit you must file a federal income tax return and attach Form 8962, Premium Tax Credit, to your return. .