{"id":20572,"date":"2024-10-15T11:00:00","date_gmt":"2024-10-15T16:00:00","guid":{"rendered":"https:\/\/www.hrblock.com\/tax-center\/"},"modified":"2025-01-08T16:09:31","modified_gmt":"2025-01-08T22:09:31","slug":"premium-tax-credit","status":"publish","type":"post","link":"https:\/\/www.hrblock.com\/tax-center\/filing\/credits\/premium-tax-credit\/","title":{"rendered":"Premium Tax Credit (PTC) and Form 8962 for Marketplace healthcare users"},"content":{"rendered":"<div class=\"wp-block-image\">\n<figure class=\"alignright size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"240\" height=\"160\" src=\"https:\/\/www.hrblock.com\/tax-center\/wp-content\/uploads\/2021\/03\/Premium-Tax-Credit.jpg\" alt=\"Premium Tax Credit form\" class=\"wp-image-56392\"\/><\/figure><\/div>\n\n\n<p>Did you know there\u2019s a valuable health insurance tax credit available to qualifying taxpayers? The Premium Tax Credit helps eligible individuals and families afford health insurance&nbsp;purchased through the Health Insurance Marketplace, or \u201cMarketplace\u201d insurance.<\/p>\n\n\n\n<p>For details about this credit and other tax benefits for healthcare like the Advance Premium Tax Credit, read ahead.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-is-the-premium-tax-credit\">What is the Premium Tax Credit?<\/h2>\n\n\n\n<p>The Premium Tax Credit (PTC), a result of the Affordable Care Act, is a refundable tax credit that can help you lower your insurance premium costs when you enroll in a health plan through the Health Insurance Marketplace or help you cover those costs later come tax time. In other words, the PTC helps make your health insurance monthly premium more affordable by partially subsidizing the cost of private health insurance.<\/p>\n\n\n\n<p>If you qualify, you\u2019ll receive it as an advance credit or claim it as a refundable credit on your tax return. So, even if you owe little or no tax, you can still benefit from the Premium Tax Credit.<\/p>\n\n\n\n<div class=\"wp-block-create-block-hrb-single-override-cta\" class=\"wp-block-create-block-hrb-single-override-cta\" style=\"background-color:#005d1f\"><div class=\"hrb-single-override-cta--image\" style=\"background-image:url(&quot;https:\/\/www.hrblock.com\/tax-center\/wp-content\/themes\/hrb_tic\/img\/on-laptop-at-desk-graphic.png&quot;);background-size:contain;background-position:center;background-repeat:no-repeat\"><\/div><div class=\"hrb-single-override-cta--copy #ffffff\"><h3 class=\"main-heading\">File with H&amp;R Block to get your max refund<\/h3><div class=\"quick-links-list\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.hrblock.com\/online-tax-filing\/\">File online<\/a><\/div>\n\n\n\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.hrblock.com\/tax-offices\/?app_method=GENERAL_TAX_PREP_METHOD\">File with a tax pro<\/a><\/div>\n<\/div><\/div><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-premium-tax-credit-eligibility\">Premium Tax Credit eligibility<\/h2>\n\n\n\n<p>To find out if you can claim Premium Tax Credit, look at your tax household income collectively. If you do qualify, your tax household income will also determine the amount of credit you can claim.<a><\/a><\/p>\n\n\n\n<p><a><\/a>To qualify for the PTC:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>You must buy your health insurance from the federal or a state Health Insurance Marketplace.<\/li>\n\n\n\n<li>You must file a joint tax return with your spouse if you\u2019re married. There are exceptions to this if you\u2019re considered unmarried for head of household filing status or if you\u2019re a victim of domestic abuse or spousal abandonment.<\/li>\n\n\n\n<li>You can\u2019t be claimed as a dependent by anyone else.<\/li>\n\n\n\n<li>Your tax household income must fall below 400% of the federal poverty level for your family size. Your income must also be above the range for Medicaid eligibility (or above 100% of the federal poverty level (FPL) in states that didn\u2019t expand Medicaid for adults). However, for tax years 2021 through 2025, you can still qualify with a household income of 400% and higher.<\/li>\n<\/ul>\n\n\n\n<p>Here\u2019s the tax household 100% poverty level that applies for 2024 in the 48 contiguous states:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Family of one \u2014 $14,580<\/li>\n\n\n\n<li>Family of two \u2014 $19,720<\/li>\n\n\n\n<li>Family of three \u2014 $24,860<\/li>\n\n\n\n<li>Family of four \u2014 $30,000Family of five \u2014$35,140<\/li>\n<\/ul>\n\n\n\n<p>The poverty levels for Alaska and Hawaii are slightly higher.<\/p>\n\n\n\n<p>Alaska:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Family of one \u2014 $18,210<\/li>\n\n\n\n<li>Family of two \u2014 $24,640<\/li>\n\n\n\n<li>Family of three&nbsp; \u2014 $31,070<\/li>\n\n\n\n<li>Family of four \u2014 $37,500<\/li>\n\n\n\n<li>Family of five \u2014 $43,930<\/li>\n<\/ul>\n\n\n\n<p>Hawaii:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Family of one \u2014 $16,770<\/li>\n\n\n\n<li>Family of two \u2014 $22,680<\/li>\n\n\n\n<li>Family of three \u2014$28,590<\/li>\n\n\n\n<li>Family of four \u2014 $34,500<\/li>\n\n\n\n<li>Family of five \u2014$40,410<\/li>\n<\/ul>\n\n\n\n<p>If you\u2019re not sure if you qualify for this Premium Tax Credit, visit <a href=\"http:\/\/www.healthcare.gov\/\" target=\"_blank\" rel=\"noreferrer noopener\">www.healthcare.gov<\/a>. You\u2019ll be able to shop around for different health coverage plans and get an estimate of your Premium Tax Credit.<\/p>\n\n\n\n<p>Alternatively, an H&amp;R Block tax pro could help you determine your PTC amount. <a href=\"https:\/\/www.hrblock.com\/tax-offices\/local\/\">Find an office<\/a> nearest you.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-advance-premium-tax-credit-aptc\"><a><\/a><a><\/a><a><\/a><a><\/a><a><\/a>Advance Premium Tax Credit (APTC)<\/h2>\n\n\n\n<p>Now, let\u2019s cover another credit aimed to make health insurance more affordable for individuals and families who purchase healthcare coverage through the Marketplace.<\/p>\n\n\n\n<p>While the name is strikingly similar, the Advance Premium Tax Credit works a bit differently than the Premium Tax Credit. Instead of waiting until you file your taxes to get the credit, you can choose to have the estimated credit paid out monthly. This advanced tax credit is based on your estimated household income when you signed up for Marketplace insurance. It\u2019s paid directly to your insurance provider every month and helps with the health insurance premium you pay out of pocket.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-how-do-you-reconcile-advance-premium-tax-credits\">How do you reconcile advance premium tax credits?<\/h3>\n\n\n\n<p>When you prepare your taxes, you\u2019ll reconcile the advance paid to your insurance company. You\u2019ll figure this with the amount of the Premium Tax Credit you\u2019re eligible for based on your actual household income.<\/p>\n\n\n\n<p>So, if your actual Premium Tax Credit was less than your advance, you\u2019ll do one of these:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Subtract the difference from your refund<\/li>\n\n\n\n<li>Add the difference to your balance due. Keep in mind that the difference is subject to certain caps.<\/li>\n<\/ul>\n\n\n\n<p>If your Premium Tax Credit is more than your advance, you\u2019ll either:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Add the difference to your refund<\/li>\n\n\n\n<li>Subtract the difference from your balance due<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-how-can-i-avoid-paying-back-excess-aptc\">How can I avoid paying back excess APTC?<\/h3>\n\n\n\n<p>The easiest way to avoid paying back the Premium Tax Credit is to update the Marketplace when you have any life changes. Life changes can influence your estimated household income and credit amount. So, the sooner you can update the Marketplace, the better. This ensures you receive as close to the correct amount as possible.<\/p>\n\n\n\n<p>A life change includes:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>A marriage or divorce<\/li>\n\n\n\n<li>Having a baby, adopting a child, or placing a child for adoption or foster care<\/li>\n\n\n\n<li>A child on your policy turning 26 or a dependent changing status so they\u2019re no longer your <a href=\"https:\/\/www.hrblock.com\/tax-center\/filing\/dependents\/am-i-a-dependent\/\">tax dependent<\/a><\/li>\n\n\n\n<li>The death of anyone in your household<\/li>\n\n\n\n<li>Changes to income<\/li>\n\n\n\n<li>An offer of job-based health insurance coverage to anyone in your household, even if they don\u2019t enroll in it<\/li>\n\n\n\n<li>Someone in your household getting coverage from a public program, like Medicaid, Children\u2019s Health Insurance Program (CHIP), or Medicare<\/li>\n\n\n\n<li>A change to your permanent home address<\/li>\n<\/ul>\n\n\n\n<p>If you receive the Advance Premium Tax Credit, you\u2019ll need to file a tax return for the year even if you don\u2019t meet the income threshold.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-an-advance-premium-tax-credit-example\">An Advance Premium Tax Credit example<\/h3>\n\n\n\n<p>Jude signed up for Marketplace insurance and qualified for a $1,800 Advance Premium Tax Credit. The Marketplace advanced $150 a month paid to his health insurance company. Jude got a raise halfway through the year but didn\u2019t inform the Marketplace of his change in income. At the end of the year, Jude must reconcile his Advance Premium Tax Credit ($1,800) with the amount of Premium Tax Credit he now qualifies for ($1,200).<\/p>\n\n\n\n<p>Jude underestimated his household income for the year. His actual allowed premium tax credit is less than the Advance Premium Tax Credit. For this reason, Jude must pay back the excess credit he received.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-form-8962\">Form 8962<\/h2>\n\n\n\n<p>If you have health insurance coverage from<a href=\"http:\/\/www.healthcare.gov\"> <\/a><a href=\"http:\/\/www.healthcare.gov\">www.healthcare.gov<\/a> or your state&#8217;s healthcare marketplace, you&#8217;ll need to file IRS Tax Form 8962 with the Internal Revenue Service at tax time. This form determines Premium Tax Credit eligibility and the credit amount. You&#8217;ll also use Form 8962 to reconcile the PTC you may be eligible for with any advance credit payments you&#8217;ve already received.<\/p>\n\n\n\n<p>&nbsp;To help you file Form 8962, the health insurance exchange will send you <a href=\"https:\/\/www.hrblock.com\/tax-center\/irs\/forms\/what-is-form-1095-a\/\">Form 1095-A<\/a>. Can\u2019t find your Form 1095-A? You can get a copy from <a href=\"http:\/\/www.healthcare.gov\/\">www.healthcare.gov<\/a> or your state\u2019s exchange portal if you received coverage from a state exchange.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-premium-tax-credit-filing-avoiding-a-rejected-return\"><a><\/a>Premium Tax Credit filing: Avoiding a rejected return<\/h2>\n\n\n\n<p>Attach Form 8962 to your return if you, a spouse, or a dependent had Affordable Care Act (ACA) Marketplace coverage at some point in the tax year and received the Advance Premium Tax Credit. Attaching the form can help you avoid a rejected e-filed return (shown as Reject Code F8962-070).<\/p>\n\n\n\n<p>If you didn\u2019t have Marketplace insurance within a tax year, you can attach a statement to your e-filed return stating that you didn\u2019t have this coverage.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-get-help-claiming-the-premium-tax-credit\"><a><\/a>Get help claiming the Premium Tax Credit<\/h2>\n\n\n\n<p>Need assistance claiming the Premium Tax Credit or Advance Premium Tax Credit? Whether you choose to&nbsp;<a href=\"https:\/\/www.hrblock.com\/tax-offices\/?app_method=GENERAL_TAX_PREP_METHOD\">file with a tax pro<\/a>&nbsp;or file with&nbsp;<a href=\"https:\/\/www.hrblock.com\/online-tax-filing\/\">H&amp;R Block Online<\/a>, you can rest assured that we\u2019ll get you the biggest refund possible.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Did you know there\u2019s a valuable health insurance tax credit available to qualifying taxpayers? The Premium Tax Credit helps eligible individuals and families afford health insurance&nbsp;purchased through the Health Insurance Marketplace, or \u201cMarketplace\u201d insurance. For details about this credit and other tax benefits for healthcare like the Advance Premium Tax Credit, read ahead. What is [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":26861,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[37,125,23349],"tags":[],"class_list":["post-20572","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-credits","category-filing","category-whats-new"],"acf":[],"yoast_head":"<title>What is the Premium Tax Credit (PTC)? | H&amp;R Block\u00ae<\/title>\n<meta name=\"description\" content=\"If you have health insurance through the Marketplace, learn more about the Premium Tax Credit, Form 8962, and how to qualify with help from H&amp;R Block\u2019s experts.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.hrblock.com\/tax-center\/filing\/credits\/premium-tax-credit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Premium Tax Credit (PTC) and Form 8962 for Marketplace healthcare users\" \/>\n<meta property=\"og:description\" content=\"If you have health insurance through the Marketplace, learn more about the Premium Tax Credit, Form 8962, and how to qualify with help from H&amp;R Block\u2019s experts.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.hrblock.com\/tax-center\/filing\/credits\/premium-tax-credit\/\" \/>\n<meta property=\"og:site_name\" content=\"H&amp;R Block\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/hrblock\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/hrblock\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-15T16:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-01-08T22:09:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.hrblock.com\/tax-center\/wp-content\/uploads\/2017\/08\/HRB-TIC-DefaultImages-1080x675-_Healthcare2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1080\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"H&amp;R Block\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@HRBlock\" \/>\n<meta name=\"twitter:site\" content=\"@hrblock\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"H&amp;R Block\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/resource-center.hrblock.com\\\/filing\\\/credits\\\/premium-tax-credit\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/resource-center.hrblock.com\\\/filing\\\/credits\\\/premium-tax-credit\\\/\"},\"author\":{\"name\":\"H&amp;R Block\",\"@id\":\"https:\\\/\\\/resource-center.hrblock.com\\\/#\\\/schema\\\/person\\\/0451551be86ad17708cdd08a71391fcf\"},\"headline\":\"Premium Tax Credit (PTC) and Form 8962 for Marketplace healthcare users\",\"datePublished\":\"2024-10-15T16:00:00+00:00\",\"dateModified\":\"2025-01-08T22:09:31+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/resource-center.hrblock.com\\\/filing\\\/credits\\\/premium-tax-credit\\\/\"},\"wordCount\":1276,\"image\":{\"@id\":\"https:\\\/\\\/resource-center.hrblock.com\\\/filing\\\/credits\\\/premium-tax-credit\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/resource-center.hrblock.com\\\/wp-content\\\/uploads\\\/2017\\\/08\\\/HRB-TIC-DefaultImages-1080x675-_Healthcare2.jpg\",\"articleSection\":[\"Credits\",\"Filing\",\"What's New\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/resource-center.hrblock.com\\\/filing\\\/credits\\\/premium-tax-credit\\\/\",\"url\":\"https:\\\/\\\/resource-center.hrblock.com\\\/filing\\\/credits\\\/premium-tax-credit\\\/\",\"name\":\"What is the Premium Tax Credit (PTC)? 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