2017 Health Insurance Premium Tax Credit Calculator
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Reviewed by Calculator Editorial Team
The 2017 Health Insurance Premium Tax Credit was part of the Affordable Care Act (ACA) that provided financial assistance to help individuals and families purchase health insurance through the Marketplace. This calculator helps you determine your estimated credit based on your income and household size in 2017.
How the 2017 Health Insurance Premium Tax Credit Worked
The Health Insurance Premium Tax Credit was designed to make health insurance more affordable for individuals and families. In 2017, the credit was based on your income and household size. The credit was applied to your health insurance premiums, reducing your out-of-pocket costs.
Key Factors
- Income: The credit amount varied based on your modified adjusted gross income (MAGI).
- Household Size: The credit was higher for larger households.
- Marketplace Plans: The credit was available for qualified health plans purchased through the Marketplace.
Formula Used
The 2017 Health Insurance Premium Tax Credit was calculated using the following formula:
Credit Amount = (Monthly Premium × 12) × (Credit Percentage)
The credit percentage was determined based on your income and household size, with higher percentages for lower incomes.
Income Thresholds
The credit was phased out for higher-income individuals. The income thresholds for 2017 were:
- Single filers: Up to $46,100
- Married filing jointly: Up to $94,200
Important Note
This calculator provides an estimate based on 2017 data. Actual credit amounts may vary based on specific circumstances and changes in tax laws.
How to Use This Calculator
To use this calculator, follow these steps:
- Enter your modified adjusted gross income (MAGI) for 2017.
- Select your filing status (Single or Married Filing Jointly).
- Enter the monthly premium of your health insurance plan.
- Click the Calculate button to see your estimated credit amount.
The calculator will display your estimated credit amount and show how it compares to your monthly premium.
Example Calculation
Let's say you have a modified adjusted gross income of $30,000, you are single, and your monthly health insurance premium is $200. Here's how the calculation works:
| Step | Calculation | Result |
|---|---|---|
| 1. Determine Credit Percentage | Based on $30,000 income and single status | 35% |
| 2. Calculate Annual Premium | $200 × 12 | $2,400 |
| 3. Calculate Credit Amount | $2,400 × 35% | $840 |
In this example, your estimated credit amount would be $840 per year, or $70 per month.
Frequently Asked Questions
Who was eligible for the 2017 Health Insurance Premium Tax Credit?
Individuals and families with incomes between 100% and 400% of the federal poverty level were eligible for the credit. The income thresholds for 2017 were $12,760 for a single individual and $26,400 for a family of four.
How was the credit amount determined?
The credit amount was based on your income and household size. Higher credit percentages were available for lower incomes, with the credit phasing out for higher incomes.
Could I get the credit if I bought insurance outside the Marketplace?
No, the credit was only available for qualified health plans purchased through the Marketplace or through a state-based Marketplace.
Was the credit refundable?
No, the credit was non-refundable. If your credit amount exceeded your premium costs, you would not receive any additional money.