Many people in the United States will now have their thoughts on taxes and how they will be affected, but there is the premium tax credit available for some people.
In order to qualify for this, it is necessary to buy Health Insurance Marketplace coverage and have an income which is at least as high as the federal poverty level.
What is premium tax credit?
This is a refundable credit which is there to provide support to eligible individuals and families to help cover the premiums when it comes to health insurance purchased through the Marketplace.
To receive this credit, you need to meet certain requirements and file a tax return with Form 8962, Premium Tax Credit.
Income limits for premium tax credit
The minimum income that an individual can have to qualify for the premium tax credit is at least $12,880 in 2022, while for a family of four the mean income has to be at least $26,500 in 2022.