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Health insurance subsidy
Does receiving a subsidy for health insurance add to your taxable income? Had somebody tell that if you receive a subsidy for health insurance from the government the total amount received is considered income and the total amount is taxed at 28%. Is this correct?
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The subsidy is not considered taxable income, so no - it does not add to uor taxable income. In fact technically the subsidy is considered to be a tax credit, even though it gets paid directly to the insurer. However - if the subsidy your received for health insurance in 2014 (whcih was based on an estimaate of your 2014 income would be) was too large based on your actual reportable income, you would owe some (or perhaps all) of the subsidy received in 2014 back to the IRS with your 2014 tax filing. Perhaps that is what the person you mentioned was referring to?
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