by Fresh Start Tax | Jul 24, 2014 | Tax Help
Mid-Year Premium Tax Credit Checkup
If you have insurance through the Health Insurance Marketplace, you may be getting advance payments of the premium tax credit.
These are paid directly to your insurance company to lower your monthly premium. Changes in your income or family size may affect your premium tax credit.
If your circumstances have changed, the time is right for a mid-year checkup to see if you need to adjust the premium assistance you are receiving.
You should report changes that have occurred since you signed up for your health insurance plan to your Marketplace as they occur.
Changes in circumstances that you should report to the Marketplace include, but are not limited to:
- an increase or decrease in your income
- the birth or adoption of a child
- starting a job with health insurance
- gaining or losing your eligibility for other health care coverage
Reporting the changes will help you avoid getting too much or too little advance payment of the premium tax credit.
Getting too much means you may owe additional money or get a smaller refund when you file your taxes.
Getting too little could mean missing out on premium assistance to reduce your monthly premiums.
Repayments of excess premium assistance may be limited to an amount between $400 and $2,500 depending on your income and filing status.
However: if advance payment of the premium tax credit was made but your income for the year turns out to be too high to receive the premium tax credit, you will have to repay all of the payments that were made on your behalf, with no limitation.
Therefore, it is important that you report changes in circumstances that may have occurred since you signed up for your plan.
Changes in circumstances also may qualify you for a special enrollment period to change or get insurance through the Marketplace.
In most cases, if you qualify for the special enrollment period, you will have sixty days to enroll following the change in circumstances.
Of course you can find Information about special enrollment at HealthCare.gov.
by Fresh Start Tax | Jul 24, 2014 | Tax Help
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by Fresh Start Tax | Jul 24, 2014 | Tax Help
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by Fresh Start Tax | Jul 24, 2014 | Tax Help
Selling Your Your Home
Do you know that if you sell your home and make a profit, the gain may not be taxable?
That’s just one key tax rule that you should know. Here are ten facts to keep in mind if you sell your home this year.
1. If you have a capital gain on the sale of your home, you may be able to exclude your gain from tax. This rule may apply if you owned and used it as your main home for at least two out of the five years before the date of sale.
2. There are exceptions to the ownership and use rules. Some exceptions apply to persons with a disability. Some apply to certain members of the military and certain government and Peace Corps workers. For details see Publication 523, Selling Your Home.
3. The most gain you can exclude is $250,000. This limit is $500,000 for joint returns. The Net Investment Income Tax will not apply to the excluded gain.
4. If the gain is not taxable, you may not need to report the sale to the IRS on your tax return.
5. You must report the sale on your tax return if you can’t exclude all or part of the gain. And you must report the sale if you choose not to claim the exclusion.
That is also true if you get Form 1099-S, Proceeds From Real Estate Transactions.
If you report the sale you should review the Questions and Answers on the Net Investment Income Tax on IRS.gov.
6. Generally, you can exclude the gain from the sale of your main home only once every two years.
7. If you own more than one home, you may only exclude the gain on the sale of your main home. Your main home usually is the home that you live in most of the time.
8. If you claimed the first-time home buyer credit when you bought the home, special rules apply to the sale. For more on those rules see Publication 523.
9. If you sell your main home at a loss, you can’t deduct it.
10. After you sell your home and move, be sure to give your new address to the IRS.
You can send the IRS a completed Form 8822, Change of Address, to do this.
Important note about the Premium Tax Credit.
If you receive advance payment of the Premium Tax Credit in 2014 it is important that you report changes in circumstances, such as changes in your income or family size, to your Health Insurance Marketplace.
You should also notify the Marketplace when you move out of the area covered by your current Marketplace plan.
Advance payments of the premium tax credit provide financial assistance to help you pay for the insurance you buy through the Health Insurance Marketplace.
Reporting changes will help you get the proper type and amount of financial assistance so you can avoid getting too much or too little in advance.
If you still need to do your 2013 taxes, use IRS e-file to prepare and file your tax return. The tax software will do most of the hard work for you.
You can use IRS e-file through Oct. 15. If you file a paper return, you may use the worksheets in Publication 523 to help you file.
