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Form 1125-A for North Charleston South Carolina: What You Should Know

SECOND YEAR COS UIT AND HEALTH INSURANCE TAX CREDIT As of 2017, there were several provisions in place that expanded or clarified the ability for qualified individuals to take advantage of the 2nd year college/health insurance tax credit: SEC. 20. PRIORITY. In order for an individual who elects to take advantage of the 2nd year college/health insurance tax credit, the following criteria must apply to qualify for the credit: (a) The taxpayer must have had gross income for the 2 calendar years immediately preceding the time that an election is made. An assessment for this credit is a tax in the amount of 100. The 2 calendar years are 2023 and 2017. (b) The taxpayer cannot have been under a medical coverage plan during either of the 2 calendar years immediately preceding the election. An assessment for this credit is a tax in the amount of 200. The 2 calendar years are 2023 and 2017. The taxpayer cannot have been under a qualified health plan during the 2016, 2023 or 2023 tax years. An assessment for this credit is a tax in the amount of 400. The 2 calendar years are 2023 and 2017. (d) The taxpayer must have had gross income for a year during any tax year in which the individual participated as a student in a program of training and education at an institution of higher learning that qualifies for the tax credit under section 481-721. An assessment for this credit is a tax in the amount of 200. The 2 calendar years are 2023 and 2017. Any taxpayer with a modified adjusted gross income (MAGI) of more than 500 but less than or equal to 800 will be considered under the above rules to be qualifying. Note: If you are not eligible for the 2nd year college/health insurance tax credit, you will need to have completed a tax return by January 2, 2017, to file for the tax credit for the year 2017.

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