MAGI = $46,000
Health Insurance premium in 2014 (for a silver plan, before tax credit): $4,666 per year
You could receive a government tax credit subsidy of up to: $0 per year
(which covers 0% of the overall premium)
Amount you pay for the premium: $4,666 per year
.
.
Same 50 year old who contributes $6,500 to a traditional IRA,
or who maxes out a 401k etc... for the same amount, or deducts the same for business etc...;
MAGI = $39,500
Health Insurance premium in 2014 (for a silver plan, before tax credit): $4,666 per year
You could receive a government tax credit subsidy of up to: $914 per year
(which covers 20% of the overall premium)
Amount you pay for the premium: $3,753 per year
.
.
$6,500 x 25% = $1,625 Federal Tax Savings
$6,500 x 7% = $455 State Tax Savings
$914 per year Obamacare savings
Total Savings = $1,625 + $455 + $914 = $2,994
.
.
Are they going to recheck everyone's tax filings every year?
Previously;
How to Game Obamacare
Affordable Care Act (ACA aka Obamacare) Calculator etc... from Kaiser
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