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Home Affordable Care Act Quick Update: Understanding Revenue Procedure 2016-24

Quick Update: Understanding Revenue Procedure 2016-24

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by Robert Sheen

In the April 18th edition of the Internal Revenue Bulletin, you will find “Revenue Procedure 2016-24,” a term that applies directly to annual health care percentage modifications under the Affordable Care Actincluding premium tax credits, exemptions, employer-sponsored minimum essential coverage and individual contribution percentages. This term references modifications that fall within sections 36B and 5000A of the Internal Revenue Code, and these percentages are used to determine credits and exemptions, varying from year to year. The calculations within this publication apply after the 2016 calendar year and are determined by household income. Among the changes include the individual contribution percentage, which has increased to 9.69%, along with pertinent information on premium tax credits and percentages for individuals to claim exemptions.

To read the full Revenue Procedure 2016-26, click here.

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