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Jun 22, 2016 by Windham Chamber

File Now: Don’t Jeopardize Your Advance Payments of the Premium Tax Credit

If you filed for an extension of time to file your 2015 federal tax return – and you benefit from advance payments of the premium tax credit being made to your coverage provider – it’s important you file your return sooner rather than later.

You must file your 2015 tax return and reconcile your advance payments to ensure you can continue having advance credit payments paid on your behalf in future years. Advance payments of the premium tax credit are reviewed in the fall by the Health Insurance Marketplace for the next calendar year as part of their annual re-enrollment and income verification process. If you do not file and reconcile, you will not be eligible for advance payments of the premium tax credit in 2017. Use Form 8962, Premium Tax Credit, to reconcile any advance credit payments made on your behalf and to maintain your eligibility for future premium assistance.

If you got a six-month extension of time to file, you do not need to wait until this fall to file your return. You can – and should – file as soon as you have all the necessary documentation.  Taxpayers who have not filed and reconciled 2015 advance payments of the premium tax credit by the Marketplace’s fall re-enrollment period – including those that filed extensions – may not have their eligibility for advance payments of the PTC in 2017 determined for a period of time after they have filed their tax return with Form 8962.

Remember that filing electronically is the easiest way to file a complete and accurate tax return. Electronic filing options include free Volunteer Assistance, IRS Free File, commercial software and professional assistance.

For more information, visit the Claiming the Credit and Reconciling Advance Credit Payments web page on IRS.gov/aca.

Filed Under: IRS Tips

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We’re conveniently located in the heart of downtown Willimantic’s business district. Call us to schedule a meeting to discuss your business needs or to meet with our Business Resource Center.

Windham Region Chamber of Commerce
1320 Main St., Suite 27
Willimantic CT 06226
Phone: (860) 428-7739

info@windhamchamber.com

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