The ACA requires insurance companies to provide rebates in September each year according to the Medical Loss Ration 80/20 rule. Billions are refunded each year, according to this link: https://www.healthinsurance.org/obamacare/billions-in-aca-rebates-show-80-20-rules-impact/ The rebates are for the prior year's premiums. So in September of 2022, I received a rebate towards the premiums I paid in 2021 and those premiums were reduced based upon projected income for 2021.
Now the Question: How is this yearly rebate incorporated/disclosed when filing household taxes (if at all)? Looking at following link's Section E which is Example Q/A #15, it seems that the person does nothing because the IRS & Treasury Department have not made a decision: https://www.irs.gov/newsroom/medical-loss-ratio-mlr-faqs Also, my head hurts from reading and trying to find the answer in https://www.irs.gov/publications/p525
Thoughts and suggestions are appreciated.
Now the Question: How is this yearly rebate incorporated/disclosed when filing household taxes (if at all)? Looking at following link's Section E which is Example Q/A #15, it seems that the person does nothing because the IRS & Treasury Department have not made a decision: https://www.irs.gov/newsroom/medical-loss-ratio-mlr-faqs Also, my head hurts from reading and trying to find the answer in https://www.irs.gov/publications/p525
Thoughts and suggestions are appreciated.