Use this calculator to see the marginal tax rate on Roth conversions and long-term capital gains when you also receive a subsidy on ACA health insurance.
President Biden’s COVID stimulus package American Rescue Plan turns the ACA premium subsidy cliff to a slope in 2021 & 2022. The cliff will return in 2023.
If you get health insurance from ACA, the government sets the percentages of income you are expected to contribute toward a benchmark policy.
If your income is higher than estimated, you need to pay back some of the ACA health insurance subsidy. The repayment cap may help in some cases.
Although you will be required to submit more documentation, you should estimate your income as low as possible and get the highest premium subsidy upfront.
If you’re self-employed on ACA health insurance, TurboTax and H&R Block software may give wrong numbers for the subsidy. Use this calculator instead.
If you’re self-employed and you buy health insurance from the ACA exchange, here’s how to use H&R Block software to calculate the subsidy and tax deduction.
If you’re self-employed and you buy health insurance from the ACA exchange, here’s how to use TurboTax to calculate the subsidy and tax deduction.
The Federal Poverty Levels (FPL) is used to determine the premium subsidy tax credit under the Affordable Care Act. You must know where the cutoff is.
California offers premium assistance for ACA health insurance to some residents who don’t qualify for the federal subsidy.
Surprisingly it can cost more to cover just one person on ACA health insurance than covering two people.
When you receive ACA premium tax credit, the gap in the premium between the benchmark Silver plan and the plan you choose can make a big difference.