Recent Tax Updates

New IRS Publication 974 (Premium Tax Credit)

March 4, 2015

The final Publication 974 (Premium Tax Credit) is now available on the IRS website on the Current Forms and Publications page. This new publication provides additional instructions and information for taxpayers who purchased health insurance from a Marketplace and had a situation that was not covered in the Form 8962 (Premium Tax Credit) or the Form 1040 instructions.

The publication covers the following:

  • How to calculate the self-employed health insurance deduction for self-employed individuals who purchased health insurance through a Marketplace
  • How to request penalty relief for taxpayers who must pay excess advance premium tax credit
  • Information on individuals who are not lawfully present in U.S. and are enrolled in a qualified health plan
  • Taxpayers who are filing a tax return but who are not claiming any personal exemptions
  • How to determine the applicable second lowest cost silver plan premium amount that is needed to calculate the premium tax credit
  • Taxpayers who were married during the tax year and want to use the alternative calculation that may lower their taxes