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wallizz
New Member

Is there a chart which shows the cap for paying back a premium tax credit. If not does anyone know the limits?

 
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Accepted Solutions
HelenaC
New Member

Is there a chart which shows the cap for paying back a premium tax credit. If not does anyone know the limits?

There is no cap on the amount of Premium Tax Credit you have to pay back. It depends on your tax situation.

In general, individuals and families may be eligible for the premium tax credit if their household income for the year is at least 100 percent but no more than 400 percent of the federal poverty line for their family size. For residents of one of the 48 contiguous states or Washington, D.C., the following illustrates when household income would be at least 100 percent but no more than 400 percent of the federal poverty line in computing your premium tax credit for 2016:

  • $11,770 (100%) up to $47,080 (400%) for one individual
  • $15,930 (100%) up to $63,720 (400%) for a family of two
  • $24,250 (100%) up to $97,000 (400%) for a family of four

Notifying the Marketplace about changes in circumstances as soon as they occur will allow the Marketplace to update the information used to determine your expected amount of the premium tax credit and adjust your advance payment amount. This adjustment will decrease the likelihood of a significant difference between your advance credit payments and your actual premium tax credit. 

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2 Replies
HelenaC
New Member

Is there a chart which shows the cap for paying back a premium tax credit. If not does anyone know the limits?

What do you mean by cap? Do you mean income limits to qualify for Premium Tax Credit?
HelenaC
New Member

Is there a chart which shows the cap for paying back a premium tax credit. If not does anyone know the limits?

There is no cap on the amount of Premium Tax Credit you have to pay back. It depends on your tax situation.

In general, individuals and families may be eligible for the premium tax credit if their household income for the year is at least 100 percent but no more than 400 percent of the federal poverty line for their family size. For residents of one of the 48 contiguous states or Washington, D.C., the following illustrates when household income would be at least 100 percent but no more than 400 percent of the federal poverty line in computing your premium tax credit for 2016:

  • $11,770 (100%) up to $47,080 (400%) for one individual
  • $15,930 (100%) up to $63,720 (400%) for a family of two
  • $24,250 (100%) up to $97,000 (400%) for a family of four

Notifying the Marketplace about changes in circumstances as soon as they occur will allow the Marketplace to update the information used to determine your expected amount of the premium tax credit and adjust your advance payment amount. This adjustment will decrease the likelihood of a significant difference between your advance credit payments and your actual premium tax credit. 

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