Archives for: "March 2015"

Explaining the American Opportunity Tax Credit

When I talk to a taxpayer about their return and the potential of claiming the American Opportunity Tax Credit (AOTC) they often are confused about it, especially if the AOTC involves including scholarships in income. I've struggled with how to explain… more »

Marketplace Coverage Affordability Worksheet

Several exemptions are available for the Affordable Care Act. Many of the exemptions are simple and only require tax preparers to look up a value in a table. The exemption for income below the filing threshold is a simple one to look up. Similarly, in states like Texas, an exemption is available for household income below 138% of federal poverty level. One of the exemptions, however, requires some calculations. The calculations aren't particularly complex, but the tax preparer must look up at least four different items when calculating marketplace coverage affordability.… more »