THE MALDEN ADVOCATE–Friday, May 2, 2025 Page 17 Upcoming World Movie Night at Malden Public Library ADVANCE PREMIUM TAX CREDIT T he premium tax credit, is a refundable tax credit that helps eligible individuals as well as families that have low or moderate income afford the cost of health insurance purchased through the Health Connector for Massachusetts residents. In order to be eligible for the tax credit, taxpayers must meet certain conditions: • Have household income that falls within a certain range • You cannot file a “married filing separate” tax return • You cannot be claimed as a dependent on someone else’s tax return • In the same month (a coverage month), you or a family member: a. Must enroll in coverage through the Health Connector b. Are not able to obtain affordable coverage through an eligible employer-sponsored health insurance plan that provides minimum value c. Are not eligible for coverage through a government program, such as MassHealth(i.e. Medicaid), Medicare, CHIP or TRICARE d. Must pay the share of premiums not covered by advance tax credit payments During enrollment through the Health Connector, the Health Connector will determine if you are eligible for advance payments of the premium tax credit, also called advance credit payments. Advance credit payments are amounts paid directly to your insurance company on your behalf to lower your out of pocket cost for your health insurance premiums. It is the federal government that is funding the Advance Premium Tax Credit. The Massachusetts website is: www. mahealthconnector.org. When you enroll in coverage through the Health Connector, you can choose to have monthly advance credit payments sent directly to your insurance company. If you get the benefit of any advance credit payments in any amount or if you wish to claim the premium tax credit itself, you must file a federal income tax return, even if you are usually not required to file one. You must attach Form 8962, Premium Tax Credit, to your tax return to either claim the tax credit or to reconcile the advance credit payments made to your health insurance carrier. If you do not file this Form with your return, your tax return will not be accepted by the IRS when you go to electronically file your tax return. Furthermore, you will not be entitled to future advance credit payments. The Health Connector will provide you with Form 1095-A, Health Insurance Marketplace Statement. This form is necessary for you or your tax preparer to complete Form 8962. It contains all of the relevant information. Keep this in mind for the 2025 tax filing year. Every tax season, so too often, taxpayers do not submit Form 1095-A to their tax preparer. In this situation, the preparer cannot possibly prepare Form 8962 in order to attach to Form 1040. In fact, the preparer wouldn’t necessarily even know that the taxpayer had received advanced premium tax credits during a particular calendar year. The electronic filing will be rejected if no Form 8962 is included with the tax filing. Form 8962 can be prepared once the tax preparer has Form 1095-A. Joseph D. Cataldo is an estate planning/elder law attorney, Certified Public Accountant, Certified Financial Planner, AICPA Personal Financial Specialist and holds a master’s degree in taxation. lease join us for World Movie Night on Wednesday, May 21, 2025, from 6:00-8:30 p.m. at the Malden Public Library. We will be showing a 2024 P movie based on the bestselling Brazilian memoir “Ainda Estou Aqui” (I’m Still Here) about the life of Marcelo Rubens Paiva. The film stars Fernanda Torres, Selton Mello and Fernanda Montenegro. The movie won an Oscar this year for Best International Feature Film, and Fernanda Torres won a Golden Globe for Best Actress. This movie is one of the best of the year and not to be missed. “While Brazil faces the tightening grip of a military dictatorship, Eunice Paiva, a mother of five, is forced to reinvent herself and her family, resisting the oppression that hangs over the country. From the acclaimed director of Central Station and The Motorcycle Diaries, Walter Salles and based on Marcelo Rubens Paiva’s memoir, this story portrays an important part of Brazil’s hidden history.” Rated PG-13 – 136 minutes – 97% approval rating on Rotten Tomatoes. Free snacks will be provided. Movie times are approximate.
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