Tools for Estimating ACA Credits and Fees
The IRS has developed tools for individuals and employers to estimate their credits and payments related to the Affordable Care Act .
The tools, available online, provide only an estimate intended to help users make decisions about their tax situation, and are not intended to provide the detailed information taxpayers must report on their tax return, according to the IRS.
A Premium Tax Credit Estimator lets taxpayers see how changes in their income, family size and other variables would affect their premium tax credit. It is intended to let taxpayers see the results of various scenarios, and does not report changes in the taxpayer’s circumstances to his or her insurance exchange.
An Individual Shared Responsibility Payment Estimator shows the the amount a taxpayer would have to pay if their insurance did not provide minimum essential coverage.
For employers, the Small Business Health Care Tax Credit Estimator helps companies determine if they are eligible for that credit, and what the amount of the credit would be. The tool provides estimates for tax year 2014 and later, indexed for inflation.
To learn more about ACA compliance in 2021, click here.
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