If you filed for an extension of time to file your 2015 federal tax return – and you benefit from advance payments of the premium tax credit being made to your coverage provider – it’s important you file your return sooner rather than later.
You must file your 2015 tax
return and reconcile your advance payments to ensure you can continue
having advance credit payments paid on your behalf in future years.
Advance payments of the premium tax credit are reviewed in the fall by
the Health Insurance Marketplace for the next calendar year as part of
their annual re-enrollment and income verification process. If you do
not file and reconcile, you will not be eligible for advance payments of
the premium tax credit in 2017. Use Form 8962,
Premium Tax Credit, to reconcile any advance credit payments made on
your behalf and to maintain your eligibility for future premium
assistance.
If you got a six-month
extension of time to file, you do not need to wait until this fall to
file your return. You can – and should - file as soon as you have all
the necessary documentation. Taxpayers who have not filed and
reconciled 2015 advance payments of the premium tax credit by the
Marketplace’s fall re-enrollment period – including those that filed
extensions – may not have their eligibility for advance payments of the
PTC in 2017 determined for a period of time after they have filed their
tax return with Form 8962.
Remember that filing
electronically is the easiest way to file a complete and accurate tax
return. .
For more information, visit the Claiming the Credit and Reconciling Advance Credit Payments web page on IRS.gov/aca.
No comments:
Post a Comment