Be Careful Stating Your Income For Health Insurance Subsidy

LAS VEGAS - Nov. 21, 2022 - PRLog -- The IRS appeared before the House Ways and Means and stated people that miscalculated their incomes, or if the website (Nevada Health Link) miscalculated their Advanced Premium Tax Credit (APTC), whether intentional or not…would be responsible. Folks that enrolled into a health insurance plan and have a government subsidy, IF your subsidies have been miscalculated and you were given more than entitled, you will be required to pay this money back.

We gently warn our customers to be honest and careful when doing your health insurance plans through Nevada Health Link. If you intentionally or unintentionally miscalculate your income, there will be a settlement with the IRS when you do your taxes. This notice is not meant to scare you, but to educate and inform you.

This just solidifies our long held view that you need to be very careful and accurate when you apply for a subsidy from the Government to help you pay your premiums. Ensuring that you accurately state your "MAGI" (modified adjusted gross income) is very crucial. If you don't know your MAGI, ask your accountant, they are the best source you have to get this right. Then call us for assistance in obtaining your health insurance plan.

We also need to remind our clients that if you have a "Life Event", meaning income adjustments of any kind, like adding or subtracting dependents to or from your taxes, you MUST let Nevada Health Link know. This will help you avoid discrepancies with the IRS when you do your taxes. The subsidies are directly tied to your tax returns, so if you have life events, you must make certain that these changes (income increases, income decreases, adding babies, children coming off your tax return, etc.,) gets reported.

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Nevada Insurance Enrollment
4260 W. Craig Road suite #150-A
North Las Vegas, NV 89032
(702) 898-0554
Website: NevadaInsuranceEnrollment.com