IRS Sets July 31 as Deadline to File 2014 Tax Returns for ACA Premium Tax Credit

The deadline for filing 2014 tax returns is October 15th.  There is another deadline that you need to pay attention to.  The Affordable Care Act  (ACA) Premium Tax Credit will end on July 31, 2014.  If you want to keep your advance premium tax credit for 2016 and have not filed your return please do so immediately.

You are eligible for the premium tax credit if you meet the following requirements:

  • You must purchase your insurance coverage through the marketplace
  • You don’t qualify for any government healthcare programs such as Medicare and Medicaid
  • You don’t have access to employer-sponsored health insurance or your employer-provided health insurance pays less than 60% of covered benefits or your employer-provided health insurance premiums are more than 9.5% of your annual household income
  • Your annual household income is between 100% to 400% of the federal poverty level. (check your state for the numbers they are using)
  • you are not filing a Married Filing Separate Tax Return (certain victims of domestic abuse and spousal abandonment may be eligible)
  • You cannot be claimed as a dependent on another person’s return

Open enrollment for 2016 begins November 1, 2015 through January 31, 2016.  You can apply on Healthcare.gov or any applicable state marketplace.

 

 

 

 

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