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Dec 5, 2023 · 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 federal poverty line.
Enter on line 4 the amount from Table 1-1, 1-2, or 1-3 that represents the federal poverty line for your state of residence for the family size you entered on line 1 of Form 8962. (For 2021, the 2020 federal poverty lines are used for this purpose and are shown below.)
Generally, people can qualify for the credit if their income is more than 100% of the federal poverty guideline but less than 400% (1 to 4 times the federal poverty level). For example, 2023 federal poverty guideline for a family of four is $30,000 in most of the U.S.
Dec 28, 2023 · What Is Form 8962? The purpose of Form 8962 is to allow filers to calculate their Premium Tax Credit ( PTC) amount with their federal income tax return. With that amount, they’re then able to reconcile that amount with any advance payments of the Advance Premium Tax Credit (APTC) that have been made for the filer throughout the year.
Jan 17, 2024 · The 2024 poverty guidelines are in effect as of January 17, 2024. Federal Register Notice, January 17, 2024. The Poverty Guidelines API is now available with the 2024 data. U.S. Federal Poverty Guidelines Used to Determine Financial Eligibility for Certain Programs. HHS Poverty Guidelines for 2024.
ASPE. 2021 Poverty Guidelines. U.S. Federal Poverty Guidelines Used to Determine Financial Eligibility for Certain Federal Programs. [ Federal Register Notice, February 1, 2021 - Full text] [ Computations for the 2021 Poverty Guidelines] There are two slightly different versions of the federal poverty measure: The poverty thresholds, and.
Feb 15, 2024 · Lower 48 States. Household Size of 1: $15,060. Household Size of 2: $20,440. Household Size of 3: $25,820. Household Size of 4: $31,200. Household Size of 5: $36,580. Household Size of 6: $41,960. Household Size of 7: $47,340. Household Size of 8: $52,720.
