Claim the Premium Tax Credit & Reconcile Advance Credit Payments on Your 2015 Income Tax Return

You may be eligible to claim the premium tax credit on your 2015 income tax return. The premium tax credit helps eligible individuals and families with low or moderate income afford health insurance. Millions of people who purchased their coverage through a health insurance Marketplace are eligible for premium assistance through the premium tax credit, which individuals chose to either have paid upfront to their insurers as advance payments to lower their monthly premiums or receive when they file their taxes.

If you received the benefit of advance credit payments, you must file a federal tax return and reconcile the advance credit payments with the actual premium tax credit you are eligible to claim on your return. Failing to file your tax return to reconcile advance payments will prevent you from receiving advance credit payments in future years.

You will use IRS Form 8962, Premium Tax Credit (PTC) to make this comparison and to claim the credit. If your advance credit payments are in excess of the amount of the premium tax credit you are eligible for, based on your actual income, you must repay some or all of the excess when you file your return, subject to certain caps.

If you or anyone on your tax return enrolled in health coverage through the Health Insurance Marketplace, you should receive Form 1095-A, Health Insurance Marketplace Statement from your Marketplace form by early February. Use the information from Form 1095-A to file your taxes accurately. This information includes the name of your insurance company, dates of coverage, amount of monthly insurance premiums for the plan you and other members of your family enrolled in, amount of any advance payments of the premium tax credit for the year, and other information needed need to compute the premium tax credit.

Using tax preparation software is the best and simplest way to file a complete and accurate tax return as it guides individuals and tax preparers through the process and does all the math. Electronic filing options include IRS Free File for taxpayers who qualify, free volunteer assistance, commercial software, and professional assistance.

More Information

Visit the PTC Eligibility page on IRS.gov/aca or use our interactive tool, Am I eligible to claim the Premium Tax Credit? on IRS.gov to determine your eligibility.

For more information about the Affordable Care Act and filing your 2015 income tax return, visit IRS.gov/aca.

No Author Biography has been linked to this Article.

Related Articles

November 21, 2021
By Lawrence R. Ahern III, Brown & Ahern (Nashville, TN) Introduction Following Part 1's review of the December 1, 2021, changes in the Federal Rules of Bankruptcy Procedure, this Part 2 presents a digest of selected judicial decisions of interest for their procedural import arising under Parts I-III of the Federal Rules of Bankruptcy Procedure. Digest of Selected Judicial Decisions
Members
Copy of Hildebrand-2016
August 6, 2023
Nothing prohibits the confirmation of a Chapter 13 plan which frontloads the payment of attorney’s fees ahead of payments to secured and other creditors.
Members
July 28, 2019
By Robert (Bob) Schuman, Owner/Managing Broker, Network Financial Group I’m a mortgage broker. In that role, I see close up the immense relief that a homeowner feels when they file Chapter 13. They are no longer forced to deal with collection calls and a multitude of letters that are aggressive and intimidating, threatening to take their car, foreclose on their...
April 28, 2019
By William H. Brown, Adviser to The Academy d/b/a ConsiderChapter13.org In the most recent opinion on the issue, as of this writing, the Court in In re Rivera, 2019 WL 1430273 (Bankr. D. Ariz. Mar. 28, 2019), in perhaps still a minority view, concluded that debtors’ default in making all direct postpetition mortgage payments was not a failure to complete...
Members
NalikoMarkel-150x150
October 22, 2023
“ . . . next leap: Generative A.I. learns everything there is to know about you from your public social media presence and crafts phishing attacks unique to YOU.”
Members
moran_cathy
October 30, 2022
Spending every dollar they make, and then some, is often how our Chapter 13 clients got into financial trouble. Yet Chapter 13, as practiced, validates the practice of continuing to spend 100% of each month’s income during the life of the plan. In doing so, we, as a society, squander the chance to use Chapter 13 to teach new budgeting...
Members
September 20, 2020
By The Honorable William Houston Brown (Retired) Chapter 13 debtor lacked “person aggrieved” standing to appeal objection to trustee’s final report. The bankruptcy court had overruled the debtor’s objection to the trustee’s final report, and debtor’s appeal was dismissed, with the Bankruptcy Appellate Panel finding that debtor lacked “person aggrieved” standing to appeal. Debtor’s objection had not included amount of...
Members
morgenstern-clarren
November 26, 2023
Although this article was originally published in 2009, Judge Morgenstern-Clarren took a fresh look just this week. It is just as relevant today as the day she first wrote it
Members
dunn
June 25, 2023
Retired United States Bankruptcy Judge Randall (Randy) Lawson Dunn, District of Oregon, died at home on June 7, 2023.
January 27, 2019
By Kathryne M. Shaw1 Boleman Law Firm, P.C. (Virginia Beach, VA) Click here for Part 1 In Part I of this article, we reviewed In re Holman, in which the debtors violated their confirmation order and exhibited bad faith . . . It looks like you are not signed in or registered! This content is only available to members. Join...
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: