Why Reporting The Correct Income Matters
During open enrollment, if you are applying for a government subsidy, please note: anyone living in the household that works, needs to provide their income. 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”. Even if they do not live at home. If they will be on their parents plan, they will need to provide their income.
Call For FREE Help (702) 898-0554
Read below all other individuals who were taken into account in determining the taxpayers family size. Remember this at the end of the year when you settle up with the IRS, your “Advanced Premium Tax Credits” you received cannot be greater than your allowances or you will owe the IRS money back.
IMPORTANT! Household Income is defined in 26 US Code 36B(d)(2)(A):
The term “household income” means, with respect to any taxpayer, an amount equal to the sum of 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, and were required to file a return of tax imposed by section 1 for the taxable year.
2023 Health Insurance Subsidy Chart By Household Size and Income
The chart below lists the income numbers the IRS will use for “subsidy” eligibility for tax year 2023.
Let Nevada Insurance Enrollment Help You
Here at Nevada Insurance Enrollment we want to make sure we do what’s in your best interest. Give us a call today and one of our licensed health insurance agents will be more than happy to assist you with choosing a health insurance plan. Whether it is with a government subsidy or a private health insurance plan, we will assist.
Read More: Health Insurance in Las Vegas, Nevada
Call us for assistance