Why you may want to wait to file your taxes this year
The newly passed American Rescue Plan includes a great benefit for those who may have estimated their income too low on their Marketplace in 2020.
People who underestimated their income in 2020 will not have to pay back APTC, or advanced premium tax credit. The APTC is also known as your subsidies or the amount of extra help you get each month towards your monthly premium. Your subsidies amount is based on your annual adjusted gross income, household size and zip code.
Normally, if you underestimate your income, then you'd have to refund some of the extra subsidies that you got during the year. For 2020, there is a one-time deal that you will not have to pay that back when you file your taxes.
It will take some time for these changes to be implemented. For now, we do not know how you will reconcile your tax credits. If you've already filed, we do not know yet if or how you can file an addendum. We will post updates as we learn more about this bill and how these changes will be implemented.
The local agents at Utah Avenue Insurance are training and researching daily. We want to ensure that you are getting the best plan available and all the subsidies you are entitled too.
Please feel free to call, text, drop by, email or message us through chat with any questions you may have. Our help and service to you is always free.
About Utah Avenue Insurance
Utah Avenue Insurance is your local health insurance experts. Our agents are here to help you with all your health insurance questions. Utah Avenue can help you with marketplace (aka Obamacare) plans, private health insurance and Medicare. If you have questions about how your medical insurance plans work or need help enrolling in a plan, we can help you. As always, our service is free to you.
801-609-8699 Call/Text
332 S 100 W, Payson, UT 84651
699 S Main Street, Springville, UT 84663
Give Utah Avenue a call or make an appointment with Utah Avenue Insurance and we'll be happy to help!
