Over the last few years using the exchange, the tax credit I’ve received has fluctuated. I’m assuming age has something to do with it. Likewise, the “minimum level of income” to receive any tax credit at all has changed. I’m assuming *that* has to do with cost of living or something along those lines. For example, last year I made 12500 and I believe I got around $700 in credit, but this year at 12,500 I didn’t qualify for any credit at all. In previous years, my credit has been anywhere from 700-900, but now it’s much lower than that with roughly the same level of income.
I do know the credit and the income level are connected and once you make a certain amount, the tax credit goes up until it reaches a maximum amount at some unknown income level and then the tax credit starts going down again. I went to one site that said it could calculate the estimated credit based on your information (age, location, income, etc), but when I put what I’m making now in at the Healthcare website, the credit was much, much lower than what the calculation site said.
My question:
Is there a set guideline on what the maximum tax credit can be? Is there a place to find this info or does anyone know what those number are? I’m wondering if what I’m getting now is just the maximum I can get, or if I’m making too much (or too little?) to actually get the maximum credit? If I know the answer(s), I might be able to convince my employer to work out a new contract with me, even if I have to adjust the amount of work I’m doing for them.
Thanks in advance.
submitted by /u/lbthrowaway5150
[link] [comments]
Over the last few years using the exchange, the tax credit I’ve received has fluctuated. I’m assuming age has something to do with it. Likewise, the “minimum level of income” to receive any tax credit at all has changed. I’m assuming *that* has to do with cost of living or something along those lines. For example, last year I made 12500 and I believe I got around $700 in credit, but this year at 12,500 I didn’t qualify for any credit at all. In previous years, my credit has been anywhere from 700-900, but now it’s much lower than that with roughly the same level of income. I do know the credit and the income level are connected and once you make a certain amount, the tax credit goes up until it reaches a maximum amount at some unknown income level and then the tax credit starts going down again. I went to one site that said it could calculate the estimated credit based on your information (age, location, income, etc), but when I put what I’m making now in at the Healthcare website, the credit was much, much lower than what the calculation site said. My question: Is there a set guideline on what the maximum tax credit can be? Is there a place to find this info or does anyone know what those number are? I’m wondering if what I’m getting now is just the maximum I can get, or if I’m making too much (or too little?) to actually get the maximum credit? If I know the answer(s), I might be able to convince my employer to work out a new contract with me, even if I have to adjust the amount of work I’m doing for them. Thanks in advance.
submitted by /u/lbthrowaway5150 [link] [comments]Read Morer/HealthInsurance