The Inflation Reduction Act extended the ACA premium subsidy cliff to a slope through 2025. The cliff will return in 2026 unless a new law is enacted.
2022 2023 ACA Health Insurance Premium Tax Credit Percentages
If you get health insurance from ACA, the government sets the percentages of income you are expected to contribute toward a benchmark policy.
An Unusually High Marginal Tax Rate Means Paying Lower Taxes
An unusually high marginal tax rate isn’t a problem. You’re rewarded with paying lower taxes. You live on after-tax dollars, not rates.
The Best Tax Software for Foreign Tax Credit (IRS Form 1116)
I tested TurboTax, H&R Block, FreeTaxUSA, and OLT on doing a Form 1116 for the foreign tax credit. Four software packages gave three different answers.
Too Much Hassle in Claiming Foreign Tax Credit on IRS Form 1116
Holding international stock funds in a taxable account gives you foreign tax credit, but claiming it on IRS Form 1116 has become too much hassle.
When TurboTax and H&R Block Give the Wrong ACA Subsidy
If you’re self-employed on ACA health insurance, TurboTax and H&R Block software may give wrong numbers for the subsidy. Use this calculator instead.
2021 Self-Employed ACA Health Insurance In H&R Block Software
If you’re self-employed and you buy health insurance from the ACA exchange, here’s how to use H&R Block software to calculate the subsidy and tax deduction.
2021 Foreign Tax Credit Form 1116 in TurboTax and H&R Block
You need a Form 1116 when your total foreign taxes paid is over $300/$600. Here’s a walkthrough for how to do it in TurboTax and H&R Block software.
2021 Self-Employed ACA Health Insurance Deduction In TurboTax
If you’re self-employed and you buy health insurance from the ACA exchange, here’s how to use TurboTax to calculate the subsidy and tax deduction.
2021 2022 2023 Federal Poverty Levels (FPL) For ACA Health Insurance
The Federal Poverty Levels (FPL) is used to determine the premium subsidy tax credit under the Affordable Care Act. You must know where the cutoffs are.
Don’t Choose 2021 Advance Child Tax Credit Opt-Out
Don’t jump through hoops to opt out of the 2021 Advance Child Tax Credit. You may miss out on tax benefits if you do. Do nothing and accept the money.
Cap On Paying Back ACA Health Insurance Subsidy Tax Credit
If your income is higher than estimated, you need to pay back some of the ACA health insurance subsidy. The repayment cap may help in some cases.