Premium Tax Credit

The Premium Tax Credit is only available to those who bought their insurance through the Marketplace. This credit was estimated for you at the time of enrollment and is usually applied to your monthly health insurance premium to help lower your costs of health insurance.

You should receive Form 1095-A. This form reports your monthly premiums paid and your monthly advanced payments received for the Premium Tax Credit.

Be sure to report any changes in your family size or estimated income immediately to the Marketplace so they can re-evaluate your monthly advanced payment. This will help to decrease the possibility of needing to repay some of your monthly advanced payment when you file your return.

Did you already receive any of your Premium Tax Credit in advance?

  • YES - We can help you determine if your advanced payments are more or less than your actual Premium Tax Credit.
  • NO - You can claim the full amount of your Premium Tax Credit on your return. Start a FREE Return to claim your credit.

How will the advanced payments of the Premium Tax Credit affect my taxes?

At the time of enrollment in health insurance, the Marketplace estimated your Premium Tax Credit based on your estimated household income and your family size. Depending on how your estimated household income compares to your actual household income on your tax return, your actual Premium Tax Credit may be larger or smaller than what the Marketplace initially estimated. The amount of your credit could also be affected by changes in your family size.

One of three things can happen after your actual Premium Tax Credit is calculated:

  • Your advanced payments are LESS than your actual credit - This means that you still have some credit left to claim. The difference will be added to your tax refund as a refundable credit.
  • Your advanced payments are EQUAL to your actual credit - This means there will be no effect on your tax refund.
  • Your advanced payments are MORE than your actual credit - This means that you received too much in advanced payments and will need to pay some of it back. The difference will be listed on your return as an additional tax.

Calculate your Premium Tax Credit

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