Choose the response that accurately completes the following sentence. A taxpayer claiming the Premium Tax Credit: May be claimed as a dependent on another person's return, as long as they are under age 27. May have employer-sponsored health care coverage. Will receive a refund if the amount of the credit is larger than the tax they owe. Must have purchased private coverage through a plan outside the Marketplace.

Correct option is 3 i.e. Will receive a refund if the amount of the credit is larger than the tax they oweAccording to information provided in the question the Correct option as per question for a taxpayer who is claiming the Premium tax credit is Will receive a refund if the amount of the credit is larger than the tax they owe. Reason if the advance credit payments made on our behalf are more than the allowed premium tax credit, then we are eligible for credit but If our household income is 400 percent or more of the federal poverty line for family size, we will have to repay all of our excess advance credit payments.

Answered: Choose the response that accurately…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

Choose the response that accurately completes the following sentence. A taxpayer claiming the Premium Tax Credit:

May be claimed as a dependent on another person's return, as long as they are under age 27.
May have employer-sponsored health care coverage.
Will receive a refund if the amount of the credit is larger than the tax they owe.
Must have purchased private coverage through a plan outside the Marketplace.

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions