Net investment income tax

In 2014, the Internal Revenue Service (IRS) introduced a host of tax provisions to accommodate the Affordable Care Act.

Robert W. Wood wrote in Forbes that the relationship between tax filing and obtaining health insurance may cause mixed feelings. Some are expected to feel they have benefited, but others may feel burdened by additional costs and/or filing requirements.

The Premium Tax Credit (PTC) is a refundable tax credit, payable by the Internal Revenue Service (IRS) to qualifying individuals who have obtained healthcare insurance through a healthcare exchange (marketplace) in the tax year. It can be paid in advance directly to a healthcare insurance company to offset the cost of monthly health insurance premiums. For the 2015 tax year 1.6 million taxpayers overestimated the amount they were supposed to receive for the advance tax premium. The average amount owing was $800.

Households with (Modified Adjusted Gross) income of 100-250% of the Federal poverty level (FPL) may also receive cost-sharing subsidies if they are enrolled in a silver plan through a healthcare exchange. The subsidy reduces the amount a household must pay out-of-pocket.

Starting in 2014 all tax-filers must have healthcare insurance.

Tax-filers who obtain qualifying healthcare insurance receive a 1095 form from an employer, a healthcare insurance company , or a healthcare exchange (marketplace). The 1095 serves as proof that the individual has obtained healthcare insurance. For the tax year 2014 only Form 1095-A provided by a healthcare exchange is required by the IRS.

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Wikipedia