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Click on Over to IRS.gov this Summer

Summertime is a great time to get the tax help and information you need on IRS.gov. Our many online tools and services make it easy for you to interact with the IRS. Here are the top reasons to visit IRS.gov this summer:

It’s Time for a PTC Checkup for your 2016 Health Insurance Marketplace Coverage

 

If you or anyone in your family are getting advance payments of the premium tax credit, it’s that time of year for a checkup to see if you need to adjust your premium assistance. Since the advance payments are paid directly to your insurance company and lower the out-of-pocket cost for your health insurance premiums, changes in your income or family size may affect your credit.  You should report changes that have occurred since the time that you signed up for your health insurance plan.

Changes in circumstances that you should report to your Marketplace when they happen include:

IRS Offers Tips on Filing an Amended Tax Return

You may discover you made a mistake on your tax return. You can file an amended return if you need to fix an error. You can also amend your tax return to claim a tax credit or deduction. Here are 10 tips from the IRS on amending your return:

New Rules for College Campus-Sponsored Debit and Prepaid Credit Cards

The Department of Education has issued new rules for campus-sponsored debit and prepaid credit cards that are directly linked to financial aid disbursements. While many financial institutions have partnerships with colleges to market these products as financial aid tools, consumer groups argue that they sometimes come at a high cost to students. As a result, the Department of Education issued rules to take effect in July that offer protections to students using these types of products.

What are college campus-sponsored debit and prepaid credit cards?

File Now: Don’t Jeopardize Your Advance Payments of the Premium Tax Credit

If you filed for an extension of time to file your 2015 federal tax return – and you benefit from advance payments of the premium tax credit being made to your coverage provider – it’s important you file your return sooner rather than later.

You must file your 2015 tax return and reconcile your advance payments to ensure you can continue having advance credit payments paid on your behalf in future years. Advance payments of the premium tax credit are reviewed in the fall by the Health Insurance Marketplace for the next calendar year as part of their annual re-enrollment and income verification process. If you do not file and reconcile, you will not be eligible for advance payments of the premium tax credit in 2017. Use Form 8962, Premium Tax Credit, to reconcile any advance credit payments made on your behalf and to maintain your eligibility for future premium assistance.

Online Tools Help Individuals and Employers Estimate Health Care Law’s Effect on Taxes

Whether you’re an employer or an individual taxpayer, the Taxpayer Advocate Service has several tools available to assist you in estimating credits and payments related to the Affordable Care Act. The Taxpayer Advocate Service recently added a tool to help employers understand how the employer shared responsibility provisions apply to their organization.

Because these tools provide only an estimate, you should not rely on them as an accurate calculation. You should use these estimators only as a guide to assist you in making decisions regarding your tax situation.

Tools for Employers

How many types of government savings bonds are there?

How many types of government savings bonds are there, and what's the difference between them?

While the U.S. government has issued 13 types of savings bonds, there are currently only two series available for purchase through the U.S. Treasury Department: Series EE bonds and Series I bonds. U.S. savings bonds are nonmarketable securities, which means you can't resell them unless you're authorized as an issuing or redeeming agent by the U.S. Treasury Department. Savings bonds are guaranteed by the federal government as to the timely payment of principal and interest.

You can buy Series EE bonds and I bonds in any amount from $25 up to $10,000, which is the maximum amount you can purchase for each bond type per calendar year. In other words, you may buy a total of $10,000 annually in both EE and I bonds, for an annual total of $20,000 for the two types combined.