Which of the following is true about the premium (health insurance) tax credit? a. The credit...

Which of the following is true about the premium (health insurance) tax credit? a. The credit is only available to unemployed tax payers b. The credit is available to all taxpayers who fall below 400% of their federal poverty guideline, regardless if they have health insurance provided by their employer. c. The credit is based upon how much of a health insurance plan premium is deemed affordable compared to a benchmark plan premium. d. The credit is available to all taxpayers who purchase health insurance through a federal or state exchange.

Expert Solution

solution :

premium tax credit :

The premium tax credit is a refundable tax credit designed to help eligible individuals and families with low or moderate income afford health insurance purchased through the Health Insurance Marketplace, also known as the Exchange.

from the given options

option D is true

The credit is available to all taxpayers who purchase health insurance through a federal or state exchange.

ekkarill92 answered 2 years ago

WHICH OF THE FOLLOWING IS TRUE REGARDING HEALTH AND ACCIDENT INSURANCE PREMIUMS HEALTH PREMIUM FOR THE...

WHICH OF THE FOLLOWING IS TRUE REGARDING HEALTH AND ACCIDENT INSURANCE PREMIUMS HEALTH PREMIUM FOR THE 2% SHAREHOLDERS CANNOT BE TREATED AS WAGES. INCLUDED ON THE 2% SHAREHOLDERS FORM W2 AND NOT SUBJECT TO FICA OR MEDICARE WITHHOLDING THEY MUST BE DEDUCTED ON THE S CORPORATIONS FORM 1120S MUST BE INCLUDED ON 2% SHAREHOLDER FORM W2 ONLY IF THE S CORPORATIO DOES NOT HAVE A PLAN FOR OTHER EMPLOYEES.

when both the self employment health insurance deduction and the premium tax credit (ptc) are on...

when both the self employment health insurance deduction and the premium tax credit (ptc) are on a return, a circular calculator is generated. Why does this occur? a. this would not occur because a taxpayer is not allowed to claim both the self employed health insurance deduction and premium tax credit. b. because of the adjustment to income for the self employed health insurance, modified AGI, so the PTC will remain the same. c. because of the adjustment to income...

when both the self employed health insurance deductions and the premium tax credit are involved for...

when both the self employed health insurance deductions and the premium tax credit are involved for taxpayer the IRS provides two calculations to solve this issue. These methods are called the: a.iteractive and simplified methods b. standard and actual methods c. tangible and simplified methods d.iteractive and streamlined methods

When both the self-employed health insurance deduction and the Premium Tax Credit are on a return,...

When both the self-employed health insurance deduction and the Premium Tax Credit are on a return, a circular calculation is generated. Why does this occur? A. This would not occur a taxpayer is not allowed to claim both the self employed health insurance deduction and the Premium Tax Credit. B. Because of the adjustment to income for the self-employed health insurance, modified AGI is affected. The Premium Tax Credit calculation is not affected by changes to modified AGI, so the...

-Which of the following statements is incorrect regarding qualifying criteria for the health insurance premium tax...

-Which of the following statements is incorrect regarding qualifying criteria for the health insurance premium tax credit? A) Household income must be below designated levels. B) The taxpayer cannot have access to affordable essential coverage through an employer. C) The insurance policy must be purchased directly from an insurance company. D) The individual may not be eligible as a dependent of another taxpayer. -If a taxpayer's AGI is greater than $150,000, no penalty will be imposed if the taxpayer pays...

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...

1. Which of the following statements is incorrect regarding qualifying criteria for the health insurance premium...

1. Which of the following statements is incorrect regarding qualifying criteria for the health insurance premium tax credit? A) Household income must be below designated levels. B) The taxpayer cannot have access to affordable essential coverage through an employer. C) The insurance policy must be purchased directly from an insurance company. D) The individual may not be eligible as a dependent of another taxpayer. 2. If a taxpayer's AGI is greater than $150,000, no penalty will be imposed if the...

Which of the following is true about a credit default swap? A. All three of these...

Which of the following is true about a credit default swap? A. All three of these potential answers here are true about a credit default swap. B. It is basically the same as a mortgage backed security C. It is insurance on an investment D. It helps to reduce the defualt rate on mortgages

Which of the following statements about insurance plans and premium rate setting is most correct? A...

Which of the following statements about insurance plans and premium rate setting is most correct? A Insurers set premium rates to include both the costs of providing healthcare services and the costs of providing (administering) the insurance plan, including profits. B A single method is used to set premium rates: the fee-for-service approach. C A single method is used to set premium rates: the cost approach. D Although premiums may be set using several different methods, healthcare providers are all...

Which of the following statements is true about the types of insurance sold in the United...

Which of the following statements is true about the types of insurance sold in the United States? A. Most policies sold are whole life, but universal has the largest percentage of coverage in force. B. Most sold are term life, but whole life has the largest percentage of face amount in force. C. Most policies sold are whole life, but term life has the largest percentage of face amount coverage in force. D. Most policies sold are term life, but...

Question