Health Care Premium Tax Credit: Penalty Warning

Health Care Premium Tax Credit: Penalty Warning

Do you purchase health care coverage through the Health Insurance Marketplace? If you do, you may have taken advantage of the premium tax credit that helps cover your payments. The credit can be used when your tax return is filed or it can be used to lower your monthly health care payments. If you chose the advance credit last year and had a change in circumstances, such as a promotion or a new job, that has raised your income, you may no longer be eligible for some or all of that credit and may be subject to a penalty. Contact us if you have any questions.