What is IRS Publication 974?
What is IRS Publication 974?
Publication 974 covers the following general topics: What is the premium tax credit (PTC)? Who can take the PTC. Additional information to help you determine if your health care coverage is minimum essential coverage.
Can I file Form 8962 separately?
If you were married at the end of 2020, generally you must 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 described under Married taxpayers, later.
What does PTC mean IRS?
The premium tax credit – also known as PTC – is a refundable credit that helps eligible individuals and families cover the premiums for their health insurance purchased through the Health Insurance Marketplace.
Can an abandoned spouse file as single?
Abandoned Spouse You may be able to file as a head of household if you are considered to be abandoned by your spouse. An individual is required to live apart from his or her spouse for the entire last six months of the tax year to achieve abandoned spouse status.
Is married filing jointly better than married filing separately?
When it comes to being married filing jointly or married filing separately, you’re almost always better off married filing jointly (MFJ), as many tax benefits aren’t available if you file separate returns. Ex: The most common credits and deductions are unavailable on separate returns, like: Earned Income Credit (EIC)
What will disqualify a single individual from claiming the premium tax credit?
To be eligible for the premium tax credit, your household income must be at least 100 – but no more than 400 – percent of the federal poverty line for your family size, although there are two exceptions for individuals with household income below 100 percent of the applicable federal poverty line.
Do you have to pay back Obamacare subsidy?
For 2020, excess subsidies do not have to be repaid. And for 2021 and 2022 only, the ARP allows people with income above 400% of the poverty level to qualify for premium subsidies.
