This 2016 health insurance calculator estimates your tax credit (health insurance subsidy) and your ACA penalty for non-participation in an ACA-compliant health insurance plan. A health insurance subsidy may help to lower the amount of your high-deductible health plan premium.
If you have no tax credit (health insurance subsidy), shop this site for affordable health insurance plans. If you are eligible for a tax credit (health insurance subsidy), call the phone number referenced to guide you through the enrollment process.
In 2016, this penalty will increase to 2.5% of your household income that is above the tax return threshold for your filing status, or your family’s flat dollar amount, which is $695 per adult and $347.50 per child under 18 up to a maximum of $2085 for a single person.
Need more information about tax penalties and Obamacare? Visit http://healthedeals.com/articles/how-to-calculate-your-2015-obamacare-tax-credit to learn more.
This Health Care Reform Calculator estimates premiums under the Affordable Care Act and subsequent regulations (“ACA”). Beginning in 2014, tax credits will be available for individuals under age 65 who purchase coverage on their own through an Exchange and are not covered through their employer, Medicare or Medicaid. The tool allows the user to examine the impact at different income levels, ages, family sizes, and regional costs.
Premium calculation estimates were prepared by the Congressional Budget Office.
The calculator does not apply to individuals with ACA-compliant coverage available through an employer.
How to find my Modified Adjusted Gross Income
Start with Adjusted Gross Income (AGI) as defined as gross income minus adjustments to income. We suggest you refer to your 2014 federal income tax return to get a quick estimate of your AGI. On your 2014 return, please refer to:
Line 4 if you filed a Form 1040EZ
Line 21 if you filed a Form 1040A
Line 37 if you filed a Form 1040
Your AGI needs to be modified if you have the following (we suggest you consult a tax professional):
Any passive loss or passive income, or
Any rental losses (whether or not allowed by IRC § 469(c)(7)), or
IRA, taxable social security or
One-half of self-employment tax (IRC § 469(i)(3)(E)) or
Exclusion under 137 for adoption expenses or
Student loan interest.
Exclusion for income from US savings bonds (to pay higher education tuition and fees)
Qualified tuition expenses (tax years 2002 and later)
Tuition and fees deduction
Any overall loss from a PTP (publicly traded partnership)
Read a summary of the Affordable Care Act penalty provision and the Internal Revenue Service, prepared by the Congressional Research Service.
If you are not eligible for a tax credit you may be eligible for Medicaid at certain income levels.
The premium and subsidy amounts displayed are estimates only and the actual amounts of subsidy eligibility may differ. This subsidy calculator is provided for informational purposes only and does not constitute legal or tax advice.