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IRS: PTC Payment Recipients Should Report Changes in Income or Family Size

IRS: PTC Payment Recipients Should Report Changes in Income or Family Size

The IRS yesterday issued a reminder to taxpayers who receive premium tax credit (PTC) advance payments, noting that some circumstance changes could result in the household owing additional money next April.  

A number of circumstances can result in a PTC recalculation, like a change in household income, family size, marital status, employer coverage, or address. After pointing out that reporting changes immediately can help taxpayers avoid owing extra money at tax time or receiving a smaller refund check, the IRS noted that some changes may qualify a taxpayer for a special enrollment period.

Click here for more information about the PTC and here to use the Taxpayer Advocate Service’s Premium Tax Credit Change Estimator to calculate how new circumstances may affect advance payments.

Source: Internal Revenue Service

Ryan Norton

Whether designing superheroes, penciling caricatures, or just doodling, I always knew I was going to earn some sort of art degree while in college. That was my goal before I decided to trade Edgar Degas for Edgar Allan Poe during a Freshman English class. The BA in English soon morphed into a double-major in English and Philosophy, eventually becoming an MA in English. It only makes sense that I learned of a writing opportunity for a local marketing firm while teaching a first-year college English course. Before I knew it, I was writing and editing tax-related articles for Taxing Subjects, and this has been my home since 2014.