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Form 2848 for St. Petersburg Florida: What You Should Know
Healthcare.gov Marketplace plan, enroll soon to maximize your savings. What is the 2024 premium tax credit? How will I use it, and when? Premium tax credit The premium tax credit is a tax credit offered by the federal government to help people afford certain health insurance plans. Generally, the credit is based on your income and the cost of each plan in your plan year. The premium tax credit starts with a maximum credit of 2,849. In 2016, it is based on a single person's or married couple's 2024 annual income of 53,520 or less. After the premium tax credit is calculated, the tax credit is adjusted for any expenses not covered by the tax credit. These expenses include any out-of-pocket costs you paid in a plan year that have not been fully reimbursed, such as an out-of-pocket maximum deductible amount (OOM), a cost-share threshold (CCT), a health savings account (HSA)- or health reimbursement arrangement (HRA) contribution limit, or an overall medical loss ratio. If the plan year your premium tax credit does not account for any of the below, the credit is reduced by 8.5 percent of the credit. The penalty in any year is the same amount: 695. There are three different methods of calculating your credit: the “regular method”, the “shared responsibility payment method” and the “alternative methodology. The regular method The regular method provides you with the same credit for three consecutive years—2,849 in 2016, 2,250 in 2024 and 1,850 in 2018—for the following: Your income for the relevant year. Your tax filing status for the relevant year. If your tax filing status changes during the year, do not change your tax filing status in 2024 or 2018. You can only use the regular method in the year you file your 2024 tax return. The cost of health coverage in the plan in the plan year you use for the credit calculation. The cost of your health insurance coverage during the plan year you used to calculate the 2024 credit. If the cost of your health insurance coverage during the plan year you used to calculate the 2024 credit is higher than the cost of coverage in the plan for the plan year the credit was calculated in, you must pay the difference as cost-sharing and must adjust your federal adjusted gross income for the next year.
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