The OSPC-ACA project is developing Python source code that calculates for any family the refundable federal income tax credit that subsidizes the health insurance premium of a plan purchased on an Affordable Care Act exchange. This is the Premium Tax Credit (PTC) computed on IRS Form 8962. The project goal is to estimate a family's PTC under the assumptions that the family's composition, address, and eligibility for non-ACA health insurance, do not change over the course of the year and that the family's actual income equals expected income at the start of the year, assumptions that eliminate the advanced payment reconciliation logic of Form 8962.
Note that the estimated PTC is actually the maximum PTC available to a family. If a family enrolls in an ACA plan with a total premium that is less than its maximum PTC, the family's actual PTC is capped at that total premium.
For more information read the OSPC-ACA project documentation.
This project is part of a larger Open Source Policy Center project that is developing Python source code that calculates FICA and federal income tax liabilities for each member of a representative sample of the US population. That larger project is hosted at GitHub.
This project has been used in the Open Source Policy Center Benefits project.