Determine if You Can Benefit from the Premium Tax Credit

The premium tax credit is a credit for certain people who enroll, or whose family member enrolls, in a qualified health plan offered through a Marketplace. The credit provides financial assistance to pay the premiums by reducing the amount of tax you owe, giving you a refund, or increasing your refund amount.

You must file Form 8962 to compute and take the PTC on your tax return.

You can take the PTC for 2014 if you meet all of these conditions.

For at least one month of the year, all of the following were true:

  • An individual in your tax family was enrolled in a qualified health plan offered through the Marketplace.
  • The individual was not eligible for minimum essential coverage, other than coverage in the individual market.
  • The portion of the enrollment premiums for the month for which you are responsible was paid by the due date of your tax return.

To be an applicable taxpayer, you must meet all of the following requirements:

  • For 2014, your household income is at least 100 percent but no more than 400 percent of the Federal poverty line for your family size.
  • No one can claim you as a dependent on a tax return for 2014.
  • If you were married at the end of 2014, you must generally file a joint return. However, filing a separate return from your spouse will not disqualify you from being an applicable taxpayer if you meet certain requirements.

For more information, see the instructions for Form 8962, Premium Tax Credit (PTC) on IRS.gov/aca.

No Author Biography has been linked to this Article.

Related Articles

DeCarlo01
October 16, 2022
The facts in In re DeWitt, 2022 WL 4588320 (Bankr. S.D. Ohio 2022), are a bit “unusual”. Debtor filed Chapter 13 to reinstate her mortgage. The mortgage was “non-escrowed” and Debtor was required to pay property taxes directly. Surprisingly, she did not pay her property taxes. The first time, the Lender paid the property taxes but decided not to pursue...
Members
Langehennig
December 31, 2023
From the archives is a expansive piece on 3002.1.
Members
ahern_larry_regular
October 2, 2022
Introduction In In re Village Apothecary, Inc.,1 the Sixth Circuit recently cut an attorney's fee by half, where the services were not successful. The panel held that the results obtained (or, actually, the lack of results) justified the dramatic reduction of the fees of attorneys for a Chapter 7 trustee. In Part 1, we looked at . . . It...
Members
September 8, 2019
By Lawrence R. Ahern, III, Brown & Ahern (Nashville, TN) Introduction Four bankruptcy-related bills were enacted during the 116th Congress and signed into law on August 23, 2019.1 The legislation affected both business and consumer cases. One bill, the Small Business Reorganization Act of 2019 (SBRA),2 deals on its face with a non-consumer topic. However, it will be of great...
Members
Copy of Hildebrand-2016
December 5, 2021
Although a Chapter 13 debtor has the absolute right to voluntarily dismiss her Chapter 13 case, even after a motion to convert is filed, the Court retains the rights to impose restrictions on the dismissal. (Waites) In re Brittany Frances Minogue, 2021 WL 4453589 (Bankr. D. S.C. September 29, 2021) Summary Brittany Minogue filed a voluntary petition under Chapter 13...
Members
November 24, 2019
By Henry E. Hildebrand, III, Chapter 13 Standing Trustee (Nashville, TN) One of the most confusing elements in consumer bankruptcy practice is the effect of electing the option given in § 1325(a)(5)(C) or § 521(a)(2). Section 521(a)(2) requires every debtor to file a statement of intent that indicates whether the debtor intends to “surrender or retain” estate property which secured...
Members
November 15, 2020
Lawrence R. Ahern, III Brown & Ahern Nashville, Tennessee Appendix B Adjustments to Means Test Amounts (Cases Filed On or After November 1, 2020) The tables on the following page provide median family income adjustments reproduced in a format designed for ease of use in completing Bankruptcy Forms 122A-1 and 122C-1. STATE 1 EARNER FAMILY SIZE 2 PEOPLE 3 PEOPLE...
Members
February 9, 2020
By Lawrence R. Ahern III, Brown & Ahern (Nashville, TN) Introduction The Supreme Court unanimously held on January 14 that an order denying stay relief was final in Ritzen Group, Inc. v. Jackson Masonry, LLC.1 Thus, the creditor should have appealed the denial instead of waiting until later in the case to seek again to pursue its pre-bankruptcy litigation against...
Members
July 24, 2021
By Lawrence R. Ahern, III, Brown & Ahern (Nashville, TN) Wonk Alert This Part 2 wraps up some suggestions about how the parties to residential mortgages may avoid or minimize problems in the structuring and administration of these loans, with a discussion of subsection 1111(b) of Bankruptcy Code.1 This discussion may seem arcane, as indeed many experienced Chapter 11 practitioners...
Members
Copy of Hildebrand-2016
March 27, 2022
The issuance of a subpoena to a Chapter 7 trustee by a third party was subject to the Barton Doctrine and could not be permitted without the parties seeking bankruptcy court consent. (Clarkson) In re Eagan Avenatti, LLP, 2022 WL 630332 (Bankr. C.D. Cal. March 3, 2022) Case Summary Eagan Avenatti, LLP, was the California law firm of the somewhat...
Members

Looking to Become a Member?

ConsiderChapter13.org offers a forum to advance continuing education of consumer bankruptcy via access to insightful articles, informative webinars, and the latest industry news. Join now to benefit from expert resources and stay informed.

Webinars

These informative sessions are led by industry experts and cover a range of consumer bankruptcy topics.

Member Articles

Written by industry experts, these articles provide in-depth analysis and practical guidance on consumer bankruptcy topics.

Industry News

The Academy is the go-to source for the latest news and analysis in the Chapter 13 bankruptcy industry.

To get started, please let us know which of these best fits your current position: