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Taxlink by Andy Biebl
Andy Biebl DTN Tax Columnist
Fri Oct 3, 2014 06:49 AM CDT

Nancy Pelosi's famous remark about the Affordable Care Act was that it needed to be passed to see what was in it. The new premium tax credit starting in 2014 is my nominee for the ACA provision that most needed the light of day.

THE BASICS

Individuals who buy health insurance through an Exchange furnish an estimate of their income, and the Exchange then subsidizes their monthly insurance premium. The greater the estimated income, the lower the subsidy. After 1040 actual income is computed, the advance subsidy is adjusted up or down as an additional 1040 tax or refund. There's ...

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