Did you receive health insurance through the Marketplace? If you received an Advance Premium Tax Credit to offset the monthly insurance premium, watch this short video to learn how the advance credit is reconciled on your tax return to determine whether you are entitled to more credit or required to repay the credit.
Key Takeaways:
- When applying for Marketplace insurance, provide an accurate estimate of your anticipated Adjusted Gross Income.
- If income changes during the year, contact the Marketplace to revise your income and premium credit amounts.
- Provide Form 1095-A to your tax preparer during tax season.
- Ask your tax preparer for suggestions to reduce AGI to reduce credit repayment.
- Additional credit or credit repayment will impact Subtraction on Wisconsin tax return.