Household Income When Applying For Health Insurance Subsidy

Nevada Insurance Enrollment Explains Why Income Effects Your Health Insurance Subsidy

LAS VEGAS - nvtip -- This Fall, when you figure your Household Income for an Obamacare plan government subsidy, please note: Everyone in the household's income is factored into the health insurance premium.  So if you have a 21 year old adult child that is going to be on their parents plan, you must include their income as part of the "Household income" whether they live at home or not to figure out the Advanced Premium Tax Credit.

Read below: "All other individuals who were taken into account in determining the taxpayers family size."  (See below)  Remember this, it is important, because at the end of the year, when you settle up with the IRS while doing your taxes, your "Advanced Premium Tax Credits" you received cannot be greater than your allowances, or you will owe the IRS money back.

The term "household income" means, with respect to any taxpayer, an amount equal to the sum of

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♦ the modified adjusted gross income of the taxpayer, plus

♦ the aggregate modified adjusted gross incomes of all other individuals who

♦ were taken into account in determining the taxpayer's family size under paragraph (1), and

♦ were required to file a return of tax imposed by section 1 for the taxable year

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Nevada Insurance Enrollment
4260 W. Craig Road suite #150-A
North Las Vegas, NV 89032
(702) 898-0554

Nevada Insurance Enrollment
Shelly Rogers

Source: Nevada Insurance Enrollment
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