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Obamacare Tax Credit

What is the "premium tax credit," and who qualifies for it?

I have heard of something called the "premium tax credit" that was authorized by Obamacare. What is this credit, and who qualifies?

Beginning in 2014, if you get your health insurance coverage through the Health Insurance Marketplace (also known as the "exchanges") you may be eligible for the premium tax credit. This credit can help make purchasing health insurance coverage more affordable for people with moderate incomes. The open enrollment period to purchase health insurance coverage for 2014 through the Marketplace runs from October 1, 2013 through March 31, 2014.

You may be eligible for the credit if you meet all of the following:

buy health insurance through the Marketplace;

are ineligible for coverage through an employer or government plan;

are within certain income limits (see below);

file a joint return, if married; and

cannot be claimed as a dependent by another person.

What are the income ...

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Richard R. Hammar is an attorney, CPA and author specializing in legal and tax issues for churches and clergy.

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Posted:
  • February 14, 2014

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