WebOn her 2016 tax return, Amy is allowed a premium tax credit of $3,600 and must repay $600 excess advance credit payments (which is less than the repayment limitation). Amy is treated as paying $5,100 ($8,700 less the allowed premium tax credit of $3,600) for health insurance premiums in 2016. WebJan 21, 2024 · If you have excess advance payments of the premium tax credit for 2024 (excess APTC), you are not required to report the excess APTC on your 2024 tax return or …

Your 2024 Guide to Tax Credits The Motley Fool

WebApr 8, 2024 · Suppose by the time you file your tax return, your income turns out to be $60,000. Because your income is $10,000 higher than you originally estimated, you qualify for a lower subsidy now. You will be required to pay back the $1,526 difference. Because this difference is well under the $2,800 repayment cap, the cap doesn’t really help you. WebFeb 25, 2024 · You need to complete Form 8962 if you wish to claim a premium tax credit on your tax return, or you received advance payments of premium tax credits during the year. Form 8962 is used along with ... herbin sylvian

IRS suspends requirement to repay exce…

WebFeb 15, 2015 · The Act granted a repayment holiday for 2024, which could lower what you have to repay in tax credits for the 2024 plan year. It also offers subsidies over the 400% poverty level for 2024 – 2024. For 2024 – … WebThe premium tax credit repayment is when you pay the excess credit to the Internal Revenue Service. Those who received an advanced premium tax credit from the IRS must pay the agency any amount received in excess. This is due to the nature of the tax credit as it has advanced payments. For example, if you received $100 monthly from the premium ... WebFeb 24, 2024 · Questions and Answers on the Premium Tax Credit. These updated questions and answers were released to the public in Fact Sheet 2024-13 PDF, February … matson motors woking