For the 572,705 taxpayers who received too little help from the subsidy program, the average amount due from the program increased 15 percent, to about $530 per taxpayer. (Form 8962)
Fewer U.S. taxpayers are reporting help from a key Affordable Care Act health insurance subsidy on their income tax returns this year—but, for the people who are using the subsidy, the average amount has grown.
|- The number of taxpayers who say they used ACA premium tax credit help in 2017 fell 9 percent, to 1.5 million.
- The total amount of accurate, and inaccurate, premium tax credit help paid to insurers increased 20 percent, to $7.7 billion.
- The average subsidy amount per subsidy user increased 35 percent, to $4.5 billion.
Officials at the office of the Treasury Inspector General for Tax Administration (TIGTA) have included those figures in a new batch of preliminary tax return data for the 2017 benefit plan year and the 2018 tax filing year. TIGTA officials used data from the day the tax filing season started, on Jan. 29, through March 1.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Allison Bell
Allison Bell, a senior reporter at ThinkAdvisor and BenefitsPRO, previously was an associate editor at National Underwriter Life & Health. She has a bachelor's degree in economics from Washington University in St. Louis and a master's degree in journalism from the Medill School of Journalism at Northwestern University. She can be reached through X at @Think_Allison.
