How to Get the Premium Tax Credit From the Affordable Care Act
You may have to pay money back if you paid into the Affordable Care Act.
By RICHARD DAVIES and ANDREW EVANS
March 19, 2015, 10:55 AM
• 2 min read
-- If you bought into the Affordable Care Act, you may end up paying some money back when filing your tax return.
"If you bought health coverage through the federal or state health insurance marketplace, chances are you signed up to get some of that help in advance through advanced payments of what we call the Premium Tax Credit,” says Eric Smith, spokesman for the Internal Revenue Service.
Smith says those who got the tax credit may have wrongly estimated their 2014 earnings -- meaning they'll have to reconcile the cost, either paying more or receiving a tax credit.
"Some people may find they got an advanced payment that was not as much as they actually qualified for, and others maybe a little more,” said Smith. “Some are going to be a little up. Some are going to be a little down."
Anyone who purchased government-backed health care and didn't claim the Premium Tax Credit in advance are now eligible to claim it in full.