If you don’t file your tax return or fail to report any changes in your premiums, you may pay back some or all of your premium tax credit. Using the Premium Tax Credit Change Estimator, you can estimate the amount of your tax refund.
Premium Tax Credit Change Estimator is a nifty software that works with almost any insurance plan. It is a great tool to have in your back pocket. The calculator is handy if you are considering switching from one insurance company to another or need a refresher course on your current plan.
You can use the Premium Tax Credit Change Estimator from IRS’ website. The calculator includes a free printout of your data that can be printed or emailed to you. Its user-friendly interface will help you see if you are eligible for this government program and, if so, how much your monthly premiums will be. In addition, the calculator will tell you how much you’ll have to pay in taxes.
Do I Have to Repay the Premium Tax Credit?
Whether or not you have to repay the premium tax credit depends on your income. The federal poverty line determines whether you qualify for the subsidy. The more income you have, the less you will have to repay. However, there are limits on how much you can pay back.
If you are eligible for a premium subsidy, you will need to report your income to the marketplace and report changes in income. It is also important to report any family size or income changes as soon as possible. This is because your income may change throughout the year, and your eligibility may also change.
If you have received advance payments of the premium tax credit, you may need to repay the difference between the advance payments and your final credit amount. If you have received advance payments of more than 400 percent of the federal poverty level, you may be required to repay the entire amount.