All of the following statements regarding the Advance Premium Tax Credit (APTC) are true EXCEPT: -...

All of the following statements regarding the Advance Premium Tax Credit (APTC) are true EXCEPT:

- If the actual Premium Tax Credit is greater than the APTC already received by the taxpayer, then the taxpayer is entitled to a deduction on the following tax year's Form 1040.

- If the APTC is greater than the actual Premium Tax Credit, the taxpayer repays the excess APTC as an additional tax liability on Form 1040.

-The Advance Premium Tax Credit reduces the taxpayer's cost of Marketplace coverage.

-The APTC is based on the taxpayer's projected income for the tax year and determined at the time of enrollment by the Marketplace.

Expert Solution

All of the following statements regarding the Advance Premium Tax Credit (APTC) are true EXCEPT The APTC is based on the taxpayer's projected income for the tax year and determined at the time of enrollment by the Marketplace.

Correct answer is option 4.

ekkarill92 answered 2 years ago

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