Starting in 2014, if you get your health insurance coverage through the Health Insurance Marketplace, you may be eligible for the Premium Tax Credit. This tax credit can help make purchasing health insurance coverage more affordable for people with moderate incomes. The open enrollment period to purchase health insurance coverage for 2014 through the Marketplace runs from Oct. 1, 2013, through March 31, 2014.

For more information about your coverage options, financial assistance and the Marketplace, visit HealthCare.gov.

To be eligible for the credit, you will need to meet the following:

1.    you buy health insurance through the Marketplace;

2.    you are not eligible for coverage through an employer or government plan;

3.    you are within certain income limits;

4.    you file a joint return, if married; and

5.    you cannot be claimed as a dependent by another person.

If you are eligible for the credit, you can choose to:

1.    Get It Now: have some or all of the estimated credit paid in advance directly to your insurance company to lower what you pay out-of-pocket for your monthly premiums during 2014; or

2.    Get It Later: wait to get all of the credit when you file your 2014 tax return in 2015.

Your Premium Tax Credit will be based on your projected income and family composition for 2014, which you will provide during enrollment.

You will then decide whether you want to have all, some or none of your estimated credit paid in advance directly to your insurance company or claim them later when you file your 2014 tax return.

If circumstances change, such as change in family size or change in projected income, the credit you will get when you file your 2014 tax return may change as well. So your refund or amount owed may be affected depending on the change in circumstance. For example, if the original circumstance allows you $500 credit you chose to get now, and when you file your return your new circumstance allows for $600 credit, the $100 increase will increase your refund.

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