Grafton-If you receive advance payment of the premium tax credit in 2014, it is very important that you report changes such as :
1. Birth or Adoption
2. Marriage or Divorce
3. Address change
4. Changes in Household Income and any other changes affecting income and household size.
Advance payment of the premium tax credit provides financial assistance to help you pay for the insurance you have bought though the Health Insurance Marketplace. If you receive advance credit payments in any amount, credit has been based on information that you have supplied during registration process. Therefore any of the above changes can/will affect the Premium Tax Credit and it is very important that you report any of the above changes to the Marketplace to avoid having too much or not enough premium Assistance paid to reduce your monthly health insurance premiums.
And remember, if you receive advance credit payments in any amount or if you plan to claim the premium tax credit, you must file a federal income tax return. If you receive any advance credit payments, you will use your tax return to reconcile the difference between the payments and the credits.
North Central WV EITC Coalition offers free tax preparation to individuals/families earning $58,000 or less. Free tax preparation sites are available in 12- County region during tax season. You may log onto www.wveitc.com for the nearest location come January, 2015 or dial 2-1-1.
