5 Things You Should Know about the Child Tax Credit

The Child Tax Credit is an important tax credit that may save you up to $1,000 for each eligible qualifying child. Be sure you qualify before you claim it. Here are five useful facts from the IRS on the Child Tax Credit: 

Affordable Care Act Tax Provisions for Individuals & Families

IRS.gov - The Affordable Care Act, or health care law, contains health insurance coverage and financial assistance options for individuals and families. The IRS administers the tax provisions included in the law. Visit HealthCare.gov for more information on coverage options and financial assistance.

What do I need to know about the health care law?

The Individual Shared Responsibility Provision requires you and each member of your family to have qualifying health insurance (called minimum essential coverage), have an exemption, or make a shared responsibility payment when you file your federal income tax return. If you get your insurance coverage through the Health Insurance Marketplace, you may be eligible for a Premium Tax Credit. Filing electronically is the easiest way to file a complete and accurate tax return. 

Coverage  Credits Payments ·        If you are like most people, you probably already have qualifying health care coverage and don’t need to do anything more than continue your insurance. ·        If you don’t have or maintain coverage, you will have to get an exemption or make a payment with your federal income tax return. ·        If you don’t have coverage, you may be able to get it through the Health Insurance Marketplace. For more information about the marketplace, visit      HealthCare.gov    ·        If you get coverage through the health insurance marketplace you may be eligible for the Premium Tax Credit (PTC). ·        The premium tax credit can be paid in advance to your insurance company or to you when you file your federal income tax return. Find out more about the option to get it now or get it later. For more information, see Publication 5120. ·        If you receive advance credit payments, you need to report changes in circumstances that will affect the credit to the Marketplace as they happen. For more information, see Publication 5152.  ·        If you don’t have coverage or qualify for an exemption you may have to make anIndividual Shared Responsibility payment when you file your income tax return. ·        For 2014, generally, the payment amount is the greater of 1% of your household income above your filing threshold or $95 per adult ($47.50 per child) limited to a family maximum of $285.   ·        You will report your coverage, exemption or payment on your federal income tax return. For more information, see questions #25 and #26.