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How is the Premium Tax Credit or Repayment Amount calculated

WebIf you purchased private healthcare through the Health Insurance Marketplace (HealthCare.gov), then you may have qualified for the premium tax credit. The premium …

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URL: https://columntax.zendesk.com/hc/en-us/articles/11997930624397-How-is-the-Premium-Tax-Credit-or-Repayment-Amount-calculated

What counts as health insurance for my 2023 tax return

WebYour tax return can impact your health insurance costs if you have a plan through the marketplace. If you’re insured by an employer, your health insurance won’t impact your …

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What is a 1095-A and where can I find it

WebForm 1095-A can be downloaded electronically from where you purchased coverage, either the federally facilitated Marketplace (HealthCare.gov) or the state-based Marketplace. …

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What is the Modifiable Adjusted Gross Income (MAGI)

WebYour modified adjusted gross income, or MAGI, is your adjusted gross income (AGI), plus a few additional items, such as specific deductions or exempt income.Your MAGI is used …

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What qualifies someone as permanently disabled

WebIf you've been unable to work due to a physical or mental health condition, then you may qualify for a tax credit. According to IRS Publication 524, a person under the age of 65 …

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What counts as a self employment expense

WebIf you earn self-employment income or have your own company, you can deduct qualifying business expenses from your tax return to lower your tax bill. Top business deductions …

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What is the Qualified Business Loss Carryforward

WebAlso known as a net operating loss carryfoward, a qualified business loss carryforwad is a strategy you might consider if your company didn’t make a net operating profit last year. …

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What is Form 8862

WebForm 8862 is for Claiming Credits after Disallowance In some cases, you may not be allowed to claim certain tax credits, like the Earned Income Tax Credit (EIC), …

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What is the 1099-MISC form and where can I find it

WebForm 1099-MISC Miscellaneous Income is a tax document that is used by business owners to report any payments paid to a person, which do not qualify as non …

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How do I file a return If I have no taxable income

WebYou can work around this in two ways: Report $1 of interest. When prompted to report any Interest Income from a Form 1099-INT, enter $1 and use your name as Payer's Name …

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What is the American Opportunity Tax Credit

WebThe American Opportunity Tax Credit (AOTC) is a tax break that college students or their parents can claim when filing their taxes. It typically offers better tax savings than other …

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What payments require me to file 1099 forms

WebIf you run a small business or are an individual who is considered to be self-employed, and you made payments last year for a total of $600 or more, to an individual or entity, who is …

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What qualifies as educator expenses

WebMarried couples who are both educators can deduct up to $600 per year in qualifying expenses ($300 per person). You can deduct expenses for professional development, …

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How are Qualified Educator Expense Deductions calculated

WebTeachers often need to purchase items for their classrooms that were not provided by the school. Unfortunately, not all school districts have the financial resources to reimburse …

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Are homeowners' association fees tax deductible

WebIf you pay homeowners association (HOA) fees, you may wonder if you can deduct them from your taxes. If your home is your primary residence, you cannot deduct HOA fees …

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Can I file a tax return if I don't have a SSN or ITIN

WebJanuary 12, 2023 19:49. Updated. In order to file your tax return, you typically need to provide a Taxpayer Identification Number (TIN) or Social Security Number (SSN). …

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Is my car registration fee deductible

WebTo deduct the eligible portion of your car registration fee, you’ll fill out Schedule A. Your registration fees will go on the “state and local personal property tax” line when itemizing …

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Can I claim tax prep fees as a deduction

WebWhile individuals can no longer deduct tax preparation fees from their federal tax returns, self-employed and business owners may be able to deduct these expenses. A provision …

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