What does ACA explanation mean?

Why is my tax return asking for form 8962?

You must file a Form 8962 with your federal income tax return if you received an advanced premium tax credit (APTC) through the Marketplace during the previous year in order to reconcile your estimated and actual income for the year.

Who qualifies for ACA premium tax credit?

To be eligible for the premium tax credit, your household income must be at least 100 percent and, for years other than 2021 and 2022, no more than 400 percent of the federal poverty line for your family size, although there are two exceptions for individuals with household income below 100 percent of the applicable ...

What is the meaning of the ACA?

The ACA (Associate Chartered Accountant) qualification is delivered by the ICAEW (Institute of Chartered Accountants in England and Wales) The ACCA qualification is delivered by the ACCA (The Association of Chartered Certified Accountants).

What is the ACA tax on income?

It's a 3.8 percent tax on investment income—such as interest, dividends, capital gains, rents and royalties—that kicks in when income tops $200,000 for single people, $250,000 for married couples.

What is the purpose of ACA reporting?

The purpose of California ACA reporting is to ensure that state residents comply with the obligation to obtain MEC. It also allows the California Franchise Tax Board (FTB) to determine whether an employer offered the amount of coverage required by law.

What is an example of ACA?

For example, the ACA prohibits health plans from denying people coverage, charging them higher premiums, as well as rescinding or imposing exclusions to coverage due to preexisting health conditions.

How can I avoid paying back my premium tax credit?

Report any changes in your income during the year to the Marketplace, so your credit can be adjusted and you can avoid any significant repayments at the end of the year.

What reasons would the IRS reject your return?

Where can I get an ACA explanation statement?

Visit your Marketplace's website to find out the steps you need to follow to get a copy of your 1095-A online. If you have not received your Form 1095-A or you received an incorrect 1095-A, you should contact the Marketplace from which you received coverage.

Why does ACA stand for?

In the field of accounting, the associate chartered accountant (ACA) qualification is a designation administered by the Institute of Chartered Accountants in England and Wales (ICAEW).

How to add an ACA explanation?

What income do I report for ACA?

Take your adjusted gross income amount and add any untaxed foreign income, non-taxable Social Security benefits, and tax-exempt interest. Don't add any Supplemental Security Income (SSI) you got.

Who has to pay the 3.8 Obamacare tax?

The tax applies only to people with relatively high incomes. If you're single, you must pay the tax only if your adjusted gross income (AGI) is over $200,000. Married taxpayers filing jointly must have an AGI over $250,000 to be subject to the tax.

What is the highest income to qualify for ACA?

In 2025, you'll typically be eligible for ACA subsidies if you earn between $15,060 and $60,240 as a single person. A family of four is eligible with a household income between $31,200 and $124,800.

What is considered ACA?

The Affordable Care Act (ACA) is a comprehensive reform law, enacted in 2010, that increases health insurance coverage for the uninsured and implements reforms to the health insurance market.

What is ACA tax credit?

Updated August 2024. As a result of the Affordable Care Act (ACA), millions of Americans are eligible for a premium tax credit that helps them pay for health coverage. The American Rescue Plan Act increased the size of the credits and made more people eligible for them beginning in the 2021 coverage year.

What does ACA payment mean?

Signed into law on March 23rd, 2010, The Patient Protection and Affordable Care Act (ACA) is also known as healthcare reform. Healthcare reform is not health insurance. Healthcare reform is law that makes changes to the insurance system. These changes help many more people get health coverage.

Will I have to pay back my premium tax credit?

If at the end of the year you've taken more premium tax credit in advance than you're due based on your final income, you'll have to pay back the excess when you file your federal tax return. If you've taken less than you qualify for, you'll get the difference back.

Who is exempt from ACA?

Hardship exemptions are available for those who cannot afford to pay for health insurance or for whom health insurance would exceed 8.16 percent of their gross household income.

How can I qualify for ACA?