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Premium Tax Credit deadline to maintain 2016 eligibility approaching

IRS Health Care Tax Tip 2015-40 reminds taxpayers who received advance payments of the premium tax credit (PTC) in 2014 that they must file a 2014 individual income tax return with Form 8962 attached in order to reconcile their advance payments of the PTC with the amount of PTC they were actually entitled to. They should file as soon as possible – by July 31 if possible, in order to maintain their eligibility for timely advance payments of the PTC for 2016 health care coverage through the Health Insurance Marketplace (or Exchange). If they fail to do so, they may face a gap in advance payments of the PTC at the beginning of 2016.

Taxpayers who received advance payments of the PTC in 2015 and extensions until October 15 to file their 2014 individual income tax returns should not wait to file. They should file by July 31 in order to maintain their eligibility for advance payments of the PTC at the beginning of 2016.

For more information about the Affordable Care Act and the premium tax credit, visit IRS.gov/aca.