Where Nevadans go to Enroll
September 13, 2013
In October of this year, when you figure your Household Income for an Obamacare plan, please note:
Household Income– 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.
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
(i) the modified adjusted gross income of the taxpayer, plus
(ii) the aggregate modified adjusted gross incomes of all other individuals who—
(I) were taken into account in determining the taxpayer’s family size under paragraph (1), and
(II) were required to file a return of tax imposed by section 1 for the taxable year.
As always, if you have questions, we are here to help. You can call us at (702) 898-0554 or visit us online: http://nevadainsuranceenrollment.com/
Thank you for considering Nevada Insurance Enrollment Marketplace for your health insurance needs.
Sincerely,
Shelly Rogers
Nevada Insurance Enrollment MarketplaceLicensed Agent #560016
Phone: (702) 898-0554
E-mail: Shelly@NevadaInsuranceEnrollment.com
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