Do People Have to Take the Premium Tax Credit in Advance?<quoted text> The 'tax credits' go to the insurance company not the policy holder.
No. Most people likely will want to get the credit in advance because they wouldnt be able to pay
their monthly health insurance premiums upfront. However, if they choose, people can wait and
receive the credit when they file their taxes. However, the credit is only available for months in
which people are enrolled in a health plan offered in their states marketplace.
What Happens When People Who Get a Credit in Advance File Their Taxes?
The amount of the advance premium tax credits that people receive is based on an estimate of the
income the household expects for the year. The final amount of the credit is based on their actual
income as reported on the tax return for the year the advance payment was received.
Sure seems like there will be fraud with this program. The IRS can't even figure out that they paid million to illegals--they are never going to get this right.