Federal Subsidy 2016

Will I as an Individual or my family be eligible for tax credits in 2016?

Depending on your income, your age, the size of your household and where you live many Americans might qualify for subsidies in form from tax credit or direct governmental payments towards the health insurance to pay for insurance premiums. Not only low- income families but also moderate-income families up to 400 percent of the Federal Poverty Level will receive subsidies. ( For a family of four that is $ 95,400 ) The subsidy is based on the Modified Gross Adjusted Income based on your 1040 tax return of the previous tax year ( Line item 37 & 38 of your 1040 form; line 22 of your 1040A; or line 36 of your 1040NR) , and will be adjusted yearly accordingly to your tax return.

The Kaiser Family Foundation has created the Health Reform Subsidy calculator, which easily shows if you will qualify for subsidies. Please use this important tool from the Kaiser Family Foundation to estimate your cost.

http://healthreform.kff.org/subsidycalculator.aspx?source=QL

The subsidies are not available for employees who receive insurance through their employees. Only for groups of 50 employees and more, one can go to the exchange in the case that the employer insurance package is higher than 9.5% of an annual employee income.

The 2015 Federal Poverty Guidelines for the U.S. ( Subsidy )

Household Size 100 % 138%
Medical eligible
150%
Special Subsidy on Silver Plan
200%
Special Subsidy on Silver Plan
266%
mix family, minors are eligible for Medical
400%
No Subsidies
1 $11,770 $16,242 $17,655 $23,450 $31,308 $47,080
2 $15,930 $21,983 $23,985 $31,860 $42,375 $63,720
3 $20,090 $27,724 $30,135 $40,180 $53,440 $80,360
4 $24,250 $33,465 $36,375 $48,500 $64,505 $97,000
5 $28,410 $39,205 $42,615 $56,820 $75,570 $113,640
add per person $4,160 $5,740 $6,330 $8,320 $11,065 $16,640

 

Subsidies