I need help regarding the ACA Health Insurance Premium Tax Credit. I currently make approximately $25K, which is the income I reported to the Maryland Health Exchange for both last year and this year. Last year, my Monthly Premium for coverage was $535.21, and I received a $447 tax credit, being responsible for the difference. This year, the premium is $518.30, and my tax credit is $283. My income stayed the same, but my monthly premium, my portion, went from $88.21 to $235.30. Does this look right to you? Seems like a big jump considering the numbers. Thanks much for your help!
September 2nd, 2024
I have a small business in Texas and buy my own health insurance, and I'm not eligible for any health insurance subsidy. My 20-year-old child is a half-time student, works for me as a contract worker, and makes about $20K in self-employed income. His school offers student health insurance for a monthly premium. Can and should he buy subsidized health insurance from the government marketplace? Are there any issues with claiming subsidies?
March 9th, 2024
I forgot to report a foreign gift of more than $100,000 that I received in 2019. I did not report it before April 15th this year. What can I do, and will I still get a penalty from the IRS due to late filing?
April 21st, 2023
I need assistance filling out Form 8962 for ObamaCare. I did not receive a letter from the IRS, and I am unsure how to proceed without completing this form. Did I receive Form 1095-A, and how do I obtain the necessary tax software to produce Form 8962?
November 9th, 2024
Sebastian paid $3,500 in interest to Merrill Lynch for borrowing to purchase taxable investments. His investment income for the year is $3,000, consisting of interest income and short-term capital gains. His investment expenses total $600, consisting of advisory fees. What is Sebastian’s investment interest deduction on Schedule A?
May 23rd, 2024
Can I claim my girlfriend and my baby as dependents on my taxes if they are covered under someone else's health insurance, and can I claim myself if I am also on my mom's health insurance?
January 10th, 2023