Is the Premium Tax Credit Right for You?
The Premium Tax Credit (PTC) is a tax credit that helps lower the cost of health insurance for certain individuals and families. If you meet certain income requirements, you may be eligible for the PTC. And if this is the case, you can claim it when you file your taxes.
How to Qualify for the PTC
To qualify for the PTC, you must meet the following requirements:
You must be enrolled in a health insurance plan through the Health Insurance Marketplace.
Your income must be less than 400% of the federal poverty level (FPL).
You must not be eligible for affordable health insurance through your employer.
How to Claim the PTC
If you qualify for the PTC, you can claim it when you file your taxes. You will need to fill out Form 8962, Premium Tax Credit. You will need to submit this form.
Changes to the PTC
The rules for the PTC have changed slightly for 2024. The income limit to qualify for the PTC has increased slightly. And the amount of the PTC you can receive has also increased slightly.
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Income Limits for the PTC, 2024
Number of people in household Income limit
— 1 $27,750
2 $56,800
3 $85,900
4 $115,000
5+ $144,100
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How can I learn more?
If you want to learn more about the PTC, you can visit the Health Insurance Marketplace website or contact a licensed agent.
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