2021 Premium Tax Credit (PTC) to Offset Impact of Health Insurance Premiums

[Updated for 2021 qualifying income ranges and ARP expansion] To support millions of Americans struggling with the cost of health insurance an expanded premium tax credit has been made available to millions of Americans who purchase insurance via  health insurance exchanges or marketplaces. You have to purchase the insurance via …

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2016 vs. 2017 Obamacare Health Insurance Subsidies and Tax Credits

Despite ObamaCare, formally known as the Affordable Care Act, having been around for several years now there is still considerable uncertainty around the various tax credits and subsidies on premiums, deductibles, co-payments, and coinsurance. The value of these credits and subsidies are generally dependent on your modified adjusted gross income (MAGI) and family …

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Fiscal Cliff: Payroll Credit and Income Tax Cut Extensions, Unemployment Insurance and Reserve Bank Actions

The American economy is experiencing a seeming reversal of fortune following significant internal and external headwinds. The stock market, which tends to be a leading indicator of the economy, is back to 2011 levels. GDP and employment figures are also showing signs of slowing down. Some experts, including former President …

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2016-2017 American Opportunity Education Tax Credit (AOTC) Extension – Eligibility, Income and Phase-out Limits

Congress and the Obama administration reached an agreement a few years ago that extended the American Opportunity Tax Credit (AOTC) through 2018. The AOTC allows parents and students to receive a tax credit of up to $2,500 for qualified college expenses, based on certain income limits. The AOTC replaced the smaller Hope …

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2021 Child Tax Credit (CTC) Qualification and Income Thresholds – $3000 to $3600 Stimulus Payments Starting in July (Paid Monthly)

In response to fighting child poverty and providing support to families during the COVID pandemic, President Biden and Democrat’s, have via the now enacted ARPA COVID relief bill, raised the current $2,000 CTC (details below) to $3,000 annually per child (or $250 monthly) between the ages of 6 and 17, …

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