By Deborah Ritz
Can I electronically file my federal return without filing New York State at the same time?
Federal electronic filing season for tax year 2014 began on Tuesday, January 20, however New York State e-filing will be delayed due to unapproved tax forms.
Information from the state at this time is changing from day to day but the estimated approval date of most forms will be late January.
Go ahead and file the federal as soon as possible, especially if you are entitled to a refund.
When approved New York forms are available you can e-file that return on its own.
Am I eligible for the health insurance premium tax credit?
You are eligible for the premium tax credit if you meet all of the following requirements:
• Purchase coverage through the Marketplace.
• Have household income that falls within a certain range (see question 6).
• Are not able to get affordable coverage through an eligible employer plan that provides minimum value (see questions 8 and 9).
• Are not eligible for coverage through a government program, like Medicaid, Medicare, CHIP or TRICARE.
• Do not file a Married Filing Separately tax return (unless you meet the criteria in section 1.36B-2T(b)(2) of the Temporary Income Tax Regulations, which allows certain victims of domestic abuse and spousal abandonment to claim the premium tax credit using the Married Filing Separately filing status.
• Cannot be claimed as a dependent by another person.
I got health insurance through the Marketplace; how will I know what to report on my federal tax return?
The Marketplace will send you an information statement showing the amount of your premiums and advance credit payments by January 31 of the year following the year of coverage.
For example, you will receive the 2014 information statement by January 31, 2015, and can use this information to compute your premium tax credit on your 2014 tax return and to reconcile the advance credit payments made on your behalf with the amount of the actual premium tax credit.
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Questions for Deborah Ritz can be e-mailed to The Weekly Adirondack at WeeklyADK@yahoo.com