Report Changes Affecting Your Premium Tax Credit Before It’s Too Late

The IRS wants you to know that you still have time to report changes that could affect your premium tax credit. If you decided to enroll in a health insurance plan through the marketplace, you must report any significant changes to the marketplace as they happen.

Qualifying changes include any adjustment to your family size or your household income. Other life changes that you’re required to report include marriage or divorce and starting a new job that offers health insurance.

It’s important to make sure that all of your information is up-to-date because inaccuracies could result in receiving too much or not enough premium tax credit payments. The IRS says if you receive too little tax credits you could miss out on premium assistance, which would help lower you monthly premiums. Furthermore, the IRS says those who report changes might be eligible for a special enrollment period.

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