- Individuals who purchase health insurance via the marketplace may be eligible for a subsidy to help them afford the monthly premium. This is known as the advance premium tax credit.
- Consumers with household incomes between 100% and 400% of the federal poverty level, or up to $104,800 for a family of four in 2020, may qualify for this additional aid.
- People who exceed the threshold by even a dollar must repay the subsidy, which is known as a recapture of the credit. This can add thousands of dollars to a household’s tax bill
In 15 years of running a business, this year has proven to be the most difficult for Erin McClellan, owner of Sprigs Floral Designs in San Luis Obispo, California.
And it turns out 2020 had one