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Premium Tax Credit Check-Up Time

Posted: October 27, 2015

Did you purchase health insurance through The Marketplace (healthcare.gov) and received the premium tax credit (PTC) to help pay your monthly premium? If you have any of the changes listed below, you should report them to healthcare.gov now.

Reporting changes can help you avoid getting too much or too little premium tax credit.  If you receive too much PTC, you may have a larger than expected tax bill when you file your 2015 tax return.  If you are getting less PTC than you should be receiving, you have less money available each month that you could spend on other family needs.  Take a minute to review the list for common changes you need to report.
Changes in circumstances that you should report to the Marketplace include:

  • an increase or decrease in your income
  • marriage or divorce
  • the birth or adoption of a child 
  • starting a job with health insurance 
  • gaining or losing your eligibility for other health care coverage
  • changing your residence

For a visual review, watch the IRS premium tax credit videoAmerican Sign Language (ASL) version of video.