If your income goes down or you gain a tax household member, you will probably qualify for more premium tax credit. This will help make sure you do not owe back any of the tax credits you took in advance for health premiums. You can do this at the end of the GetCoveredNJ enrollment process. ![]() If you think your income might go up or your tax household size may go down, you can lower the tax credit amount you take in advance each month. If your income goes up or you lose a tax household member, you will probably qualify for less premium tax credit. Consumers are required to report changes in income and tax household size within 30 days to GetCoveredNJ. This is to make sure your premium tax credit is correct. If your income or tax household size during the year is not what you put on your application, it is important to update your application on GetCoveredNJ right away. If your income or household size changes during the year, you may owe back part of the premium tax credit. When you file your taxes, you will need to report the amount of premium tax credit you used. It changes based on how many people are in your tax household (you, your spouse and your tax dependents). Your advance premium tax credit amount is based on the income you think you are going to make in the coming year. You will get a 1095-A form from Get Covered New Jersey by January 31 st so you can fill out federal tax Form 8962.Ĭhanges in income or household size may lower or raise your premium tax credit. The difference between these two numbers is what you may owe in your taxes if your income was higher than what you put on your application, or what you may be refunded if your income is lower than what you put on your application. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |