How does Obamacare affect my taxes?
Obamacare is a subsidy from the Federal Government, we explain the implication it has on your taxes.
It is no secret to anyone that the objective of Obamacare is to achieve cheap health insurance for millions of people, subsidized by the Federal Government.
But how does Obamacare affect taxes?
When you apply for a health insurance plan under Obamacare, you must calculate what income you will receive next year. In this case, during 2021. Depending on your income level that you calculate and the type of plan contracted, the government will pay the insurer an amount for your Obamacare health policy.
But next year, when you file your taxes with the IRS, how much money you put in will actually be determined and then an adjustment will be made to the subsidy received.
Here three scenarios open:
- If the amount of income you calculated matches the money you received during the year, this information will have no impact on your taxes.
- On the other hand, if you estimated an income lower than what you finally received, either because your salary increased, or you moved to a place where you are paid more or for any other reason, you must return part or all of the subsidy received. According to the case.
- On the contrary, if during the year you lost income, either because you changed jobs or things did not go well in your company and your pay was lowered, then the Government must complete the subsidy that you have not received. In that case, you will receive a refund.
How does Obamacare insurance affect my taxes? There is hardly time for you to take advantage of this great opportunity to enroll in Obamacare health insurance plans for 2021. The enrollment period closes on December 15th.
Don’t waste any more time, call Univista Insurance now and you can get cheap Obamacare insurance in Spanish.