What is the “bottom Line” on the income number MAGI
that one should put down for Covered CA Income?
Modified Adjusted Gross Income (MAGI) (2) … means adjusted gross income – Line 37* of the 1040 * Health Care.Gov * 26 USC §62
Official Publications on MAGI
It’s important to read the all material & links as one can’t rely on Covered CA to give you the correct answer.
What counts as income?
Household income means Code of FEDERAL Regulations – IRS Income Taxes – 1.36B 1 – (e) …(1) … the sum of—
(i) A taxpayer’s modified adjusted gross income; (Line 37 1040) plus
(ii) The aggregate modified adjusted gross income of all other individuals who—
(A) Are included in the taxpayer’s family under paragraph (d) [below] of this section; and
(B) Are required to file a return of tax imposed by section 1 for the taxable year (determined without regard to the exception under section (1)(g)(7) to the requirement to file a return). [26 USC §6012 ♦ IRS tool to see if you must file a return ♦ Medi-Cal Household Size Flow Chart ♦ Blog – Insure Me Kevin.com]
(d) … A taxpayer’s family means the individuals for whom a taxpayer properly claims a deduction for a personal exemption under section 151 for the taxable year.
Family size [Medi-Cal Household Size Flow Chart ♦ Blog – Insure Me Kevin.com] means the number of individuals in the family. Family and family size may include individuals who are not subject to or are exempt from the penalty [mandate] under §5000 A (f) (1) for failing to maintain minimum essential coverage.
(a) Allowance of deductions
In the case of an individual, the exemptions provided by this section shall be allowed as deductions in computing taxable income.
To be more clear — (2) Married taxpayers must file joint return. A taxpayer who is married (within the meaning of section 7703) at the close of the taxable year is an applicable taxpayer only if the taxpayer and the taxpayer’s spouse file a joint return for the taxable year. GPO.Gov Final Regulations Page 11 * Turbo Tax Calculator * Tax Policy Center….. Joint or separate? * Estranged Spouse?
View other pages & resources in this section…
Power Point presentation CMS Income Counting MAGI
Health Care.Gov – What income to count
See also this article on Kevin’s site
If you would like to talk to a professional tax adviser about this try Bruce Bialosky [email protected] 310.273.8250
Child, Related Pages & Site Map
- Income Chart – Line 37** Covered CA MAGI
- Income or Expense or Deduction for AGI line 37? What counts as?
- Alimony – From a Divorce Settlement – Line 11 & 31
- Annuity Income? IRA, Pension # 1040 Line 16a
- Capital Gains – Line 13
- Caregiver Income?
- Commission Income?
- Credits & Deductions for IRS 1040
- Calif. Earned Income Tax Credit
- Charitable Donations
- Clergy – Housing Allowance?
- Educational Credits
- Employee Business Expense Unreimbursed
- Itemize or use Standard Deduction?
- Medical Expense Deduction – Line 40 Individual
- Military – Armed Forces
- Student Loan Interest?
- Debt Cancellation?
- Foreign Income IRC §911 – Line 21
- Gambling Income & Losses – Other Income Line 21
- Gift Income?
- Interest Income – Line 8 a & b
- Life Insurance Proceeds
- Rental Income? Line 17
- Schedule C – Self-Employment Income – Line 12
- SDI State Disability Benefits Taxable?
- Sharing, Gig, On Demand, Access Economy, Air Bnb, Lyft, Uber
- Social Security Benefits Line 20 a & b
- Taxable & Non-Taxable Income?
- MAGI = AGI + Social Security, Foreign Income, Tax Exempt Interest illustrated
- Questions? on Income Covered CA Application