2016 Income Calculator for Health Insurance
Understanding your 2016 income for health insurance purposes is crucial for selecting the right plan and receiving potential subsidies. Our calculator helps you determine your Modified Adjusted Gross Income (MAGI), which is used to calculate your eligibility for health insurance subsidies.
- Enter your annual income.
- Select your filing status.
- Click ‘Calculate’.
The calculator uses the following formula to determine your MAGI:
MAGI = AGI + (Excluded foreign income or foreign housing) – (Tax-exempt interest) – (Deduction for one-half of self-employment tax)
| Filing Status | Minimum Income | Maximum Income |
|---|---|---|
| Single | $11,770 | $47,520 |
- Be sure to include all sources of income when calculating your MAGI.
- If you’re unsure about your filing status, consult the IRS’s guidelines.
What is MAGI?
MAGI stands for Modified Adjusted Gross Income. It’s used to determine your eligibility for health insurance subsidies.
IRS Publication 501 provides more information on MAGI. For detailed health insurance guidelines, visit the HealthCare.gov glossary.