Affordable Care Act Tax Provisions - Premium Tax Credit

If you get health insurance through the government Marketplace, you may be eligible for the Premium Tax Credit, depending on your income level. In order to be eligible for the credit, you must buy health insurance through the government Marketplace, be ineligible for insurance coverage through your employer or a government plan (such as Medicaid), your income must fall below certain limits, and you cannot be claimed as a dependent on another's return. Also, if you are married, you must file jointly. If you are eligible, you can either receive this credit on your tax return, or you may apply to have some or all of the credit paid in advance directly to your insurance company to lower what you pay out of pocket for your monthly premiums.