IRA Green-energy credits & ACA premium rebate

[walkinwood]

Anyone know how this would work?

Do you take the IRA credits first against the tax you owe and then add on the ACA premium rebate on top of it?

Or

Do you take the ACA premium rebate against taxes owed, and then if there is any tax left, you can take the IRA credits against it.

I can't find a good source to figure this out. With the 8.5% cap on premiums, we could be getting an ACA premium rebate in 2023.

 

[cathy63]

These are two independent calculations.

The Clean Energy Credits are non-refundable credits that can reduce your tax liability to zero.

The Premium Tax Credit is a refundable credit and you will always get the full amount you're entitled to, even if that means that the government ends up sending you more than you actually paid in taxes.

On this year's 1040, energy credits show up on line 20 and PTC shows up on line 31.

 

[walkinwood]

Thank you Cathy - I didn't think of checking this year's tax forms. I'll do that.
Good news!