Stating Your Income For Health Insurance Subsidy

LAS VEGAS - Dec. 12, 2024 - PRLog -- The "Advanced Premium Tax Credit" (APTC) is the "subsidy" (the monthly amount the government is paying to help you pay your premiums) that helps you afford your health insurance plan. Receiving a subsidy is great, but you must get your income correct. When you claim you will make a certain amount of money in a year (and receive a subsidy), you must try to be as accurate as possible and notify them of any changes that may occur throughout the year. Be honest in stating your income. There are very serious consequences to playing games with your income.

Why Reporting the Correct Income Matters

If you are applying for a government subsidy, please note, anyone living in the household (that is working) needs to provide their income. So, if you have a 21-year-old adult child that is working and is going to be on their parents plan, you must include their income as part of your "Household Income". Even if they do not live at home. If they are on their parents plan, they will need to provide their income.

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 considered in determining the taxpayer's family size and were required to file a tax return imposed by section 1 for the taxable year.

Read the full article: https://www.nevadainsuranceenrollment.com/health/stating-...

Learn more: https://www.nevadainsuranceenrollment.com/health-insurance/

Nevada Insurance Enrollment
4260 W. Craig Road suite #150-A
North Las Vegas, NV 89032
(702) 898-0554
Website: NevadaInsuranceEnrollment.com