See How to Reconcile 2015 Premium Tax Credit

February 26, 2016

In case you had a 2015 Market well being plan and used premium tax credit to decrease your month-to-month cost, you will have to “reconcile” while you file your federal tax return. Reconciling can have an effect on both the quantity of your refund or the quantity of tax you owe.

To reconcile, you will evaluate 2 figures:

• The quantity of premium tax credit score you used upfront through the yr. (This was paid on to your well being plan so your month-to-month cost was decrease.)
• The premium tax credit score you really qualify for primarily based in your last 2015 revenue.

In case you used extra premium tax credit score than you qualify for, you’ll pay the distinction together with your federal taxes. In case you used much less, you will get the distinction towards a refund.

See a step-by-step information to reconciling your premium tax credit score.