How To See If You Qualify For A Tax-Credit To Help Pay For Health Insurance

FPL Flag ColorI have seen some confusion over whether people will be eligible for federal subsidies to help with the high cost of premiums for health insurance in the “Marketplaces.”

On the right side of this blog is a chart to help you determine if you are going to be eligible for an Obamacare subsidy.

As you review the chart, keep in mind that the figures on the chart do not represent your gross income for the year.  The eligibility for federal tax-credits will be based on your Modified Adjusted Gross Income.

For those who are not tax experts, take the time to read how the IRS calculates your Modified Adjusted Gross Income.

“For purposes of the premium tax credit, your household income is your modified adjusted gross income plus that of every other individual in your family for whom you can properly claim a personal exemption deduction and who is required to file a federal income tax return. Modified adjusted gross income is the adjusted gross income on your federal income tax return plus any excluded foreign income, nontaxable Social Security benefits (including tier 1 railroad retirement benefits), and tax-exempt interest received or accrued during the taxable year. It does not include Supplemental Security Income (SSI).”