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What is the Second Lowest Cost Silver Plan (SLCSP) and the Affordable Care Act /Obamacare?

There are four types of plans sold on the insurance exchange- bronze, silver, gold and platinum. Each plan offers a different level of health coverage available at different costs. The Second Lowest Cost Silver Plan , is the silver plan with the second lowest cost and available in the area in which the taxpayer lives. To find this while searching the exchange, sort the silver plans by price and find the one available to you (and your family) with the second lowest cost. The Premium Tax Credit is based on the Second Lowest Cost Silver Plan (SLCSP) that is available in the area in which the individual taxpayer lives. You do not have to select the Second Lowest Cost Silver Plan to qualify for the credit. The Premium Tax Credit is calculated as follows: 1. Calculate the Household Income 2. Calculate Household Income as percentage of Federal poverty line 3. Calculate the applicable percentage 4. Calculate the required contribution (household income X applicable percentage) 5. Find the Second Lowest Cost Silver Plan (SLCSP) on the exchange 6. Subtract the required contribution from the SLCSP 7. Compare the difference to the premiums for the health plan actually enrolled in 8. Lower amount is the amount of the tax credit for the year Individuals may purchase a higher plan and pay the difference between the credit amount and the cost of the more expensive plan. Individuals may also purchase a cheaper plan but, if eligible for the tax credit, will not receive the credit.

How do I know if the person I paid childcare expenses for qualifies?

Qualified Expenses These include amounts paid for household services and care of the qualifying person while you worked or looked for work. Child support payments are not qualified expenses. Also, expenses reimbursed by a state social

Please explain all of the credits that are available related to me and my family.

Child and Dependent Care Costs : If you paid someone to care for your child who is under age 13 (such as daycare), you may be able to reduce your tax by claiming the Credit for Child and Dependent Care Expenses. You can also claim


or child care reimbursement. To view the 2016 W2 click W2

Maine Credits

Earned Income Tax Credit For tax years beginning on or after January 1, 2016, the earned income tax credit is refundable for Maine residents. The refundable credit is prorated for part-year residents. Child and Dependent Care Credit

How do I delete Forms?

Most forms are automatically removed if you delete the information entered in the program in reference to that form. Some forms, such as the Form 2441 for Child Care Credit, must be removed by the user. In these cases, a "Delete Form

W-2 Information

or child care reimbursement. If you received this form, you can enter it in your TaxSlayer account by selecting Federal Section >> Income >> Enter Myself >> Wages and Salaries .

It's Not Calculating Correctly

and open the return. Form 2441 – Credit for Child and Dependent Care Expenses is not calculating on my Form 1040: Check: 1. Have you entered expenses in both sections: Dependents and Credits > Form 2441? If not, go to Federal Section > Deduction

How do I figure my EIC or Earned Income Credit?

. The relationship test is met if the child is your son, daughter, adopted child, stepchild or grandchild. Your brother, sister, stepbrother or stepsister (or the child or grandchild of these relatives) may also be considered if you care

Louisiana Refundable Credits

benefit for that property. If you are claiming the solar credit, you must file your return electronically. * School Readiness Child Care Provider - Allows a refundable credit for child care provider who operated a facility or facilities where