If you’re in the Under 65 Health Care Market, you may not realize how important reporting your correct annual income is.
Many Americans received expanded subsidies due to the American Rescue Act in 2021. If this includes you and your family, you have given the government an estimated Gross Income for the year. During tax time, the government will require you to report income to make sure you received the correct subsidy amount. This is important because if you made more than you originally estimated, you could end up owing more in taxes. If you made less than originally estimated, they might give you some money back.
We took information straight from the Government Health Care website and broke it down into easy-to-read terms. Please download our PDF below to learn what you should include, what not to include, and helpful tips for navigating the calculations.