Monday, November 23, 2015

Affordable Care Act Marketplace: Qualifying for Premium Tax Credits

The sum of your modified adjusted gross income to that of every family member for whom you can claim a personal exemption deduction, and is also required to file federal income tax return, is your premium tax credit. Modified adjusted gross income (MAGI) is your adjusted gross income plus excluded items like foreign income, student-loan deductions, nontaxable Social Security benefits (excluding SSI), etc. accrued or received during the taxable year.Each level of the FPL is entitled to a different tax credit amount. You may consult with marketplace navigators from companies like DECO to determine the amount of premium tax credits, along with new health insurance marketplace coverage options you may be eligible for.

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