List of what Income Counts for MAGI

Modified Adjusted Gross Income 
Covered CA

8962 ONLINE Calculator
TaxFormCalculator.com

frugal fringe.com

etax.com

IRS Interactive Tax Assistant

 

Publication 501

Dependents, Standard Deduction & Filing Status 

 

Publication 525, Taxable and Nontaxable Income.

 

Please view our MAIN MAGI page for and introduction to what MAGI Income is for Covered CA tax subsidies then view the child pages below for help with your specific question or concern.

IRS Website on  Credits & Deductions for Individuals & Families

Subtract tax credits from the amount of tax you owe. There are two types of tax credits:

• A nonrefundable tax credit means you get a refund only up to the amount you owe for taxes.
• A refundable tax credit means you get a refund, even if it is more than what you owe.
  • Just like Covered CA subsidies APTC

IRS Interactive Tax Assistant

What’s better, to take the subsidy now or at tax time?

What income is taxable or non taxable?
for Covered CA subsidies?

Be sure to compare and contrast this with MAGI Income for Covered CA Line 37 of your tax return +…

What You Need to Know about Taxable and Non-Taxable Income

All income is taxable unless a law specifically says it isn’t.

Here are some basic rules you should know to help you file an accurate tax return:

• Taxable income.  Taxable income includes money you earn, like wages and tips. It also includes bartering, an exchange of property or services. The fair market value of property or services received is normally taxable.

Some types of income are not taxable except under certain conditions, including:

• Life insurance.  Proceeds paid to you upon the death of an insured person are usually not taxable. However, if you redeem a life insurance policy for cash, any amount you get that is more than the cost of the policy is taxable.
• Qualified scholarship.  In most cases, income from a scholarship is not taxable. This includes amounts used for certain costs, such as tuition and required books. On the other hand, amounts you use for room and board are taxable.
• Other income tax refunds.  State or local income tax refunds may be taxable. You should receive a Form 1099-G from the agency that paid you. They may have sent the form by mail or electronically. Contact them to find out how to get the form. Report any taxable refund you got even if you did not receive Form 1099-G.

Here are some items that are usually not taxable:

• Gifts and inheritances
• Child support payments
• Welfare benefits
• Damage awards for physical injury or sickness
• Cash rebates from a dealer or manufacturer for an item you buy
• Reimbursements for qualified adoption expenses

Credits & Deductions IRS Website for Individuals

 

Child, Related Pages & Site Map  

• Alimony – From a Divorce Settlement – Line 11 & 31
  • Alimony Increase?
  • Child Support
    • Health Insurance Order
  • Child Tax Credit
    • Adoption Credit
  • Married – Must File Jointly, Single, etc? Filing Status?
    • Estranged or Separated Spouse?
    • Married Filing Jointly – Child Age 26 – Reply to web visitors question
    • Newly Wed
• Annuity Income? IRA, Pension # 1040 Line 16a
• Calif. Earned Income Tax Credit
• Capital Gains – Line 13
  • Long Term Capital Gains?
  • Sale of Home
    • Home Energy Credits
    • Moving Expenses
• Caregiver Income?
  • Foster Care – Medi-Cal – Medicaid Waiver Notice 2014-7
  • IHSS – Annuity
• Charitable Donations
  • Record Keeping – Charitable Donations
• Clergy – Housing Allowance?
  • Direct Payment, Designated, Employee?
• Debt Cancellation?
• Educational Credits
• Employee Business Expense Unreimbursed
  • Job Search Expense
• FAQ Taxable & Non-Taxable Income?
• Foreign Income IRC §911 – Line 21
• Fudging the Income or Deductions?
• Gambling Income & Losses – Other Income Line 21
• Gift Income?
• Interest Income – Line 8 a & b
• Itemize or use Standard Deduction?
• Life Insurance Proceeds
• Medical Expense Deduction – Line 40 Individual
• Military – Armed Forces
• Rental Income? Line 17
  • Vacation Home
• Schedule C – Self-Employment Income – Line 12
  • 1099 Income
  • Hobby or Business?
  • Home Office Deduction
  • Tax Tips for Self Employed
• SDI State Disability Benefits Taxable?
  • Disability Income? Employer and Personally Paid?
  • Unemployment Compensation?
• Sharing, Gig, On Demand, Access Economy, Air Bnb, Lyft, Uber
• Social Security Benefits Line 20 a & b
  • Survivor Benefits Social Security count towards MAGI
    • Children’s Income?
      • Child not on Tax return?
• Student Loan Interest?

Links to IRS Website

Family & Dependents

• Earned Income Tax Credit
• Child and Dependent Care Credit
• Adoption Credit
• Child Tax Credit
• Credit for the Elderly or Disabled

Health Care

• Premium Tax Credit (Affordable Care Act)
• Health Coverage Tax Credit

Income and Savings

• Earned Income Tax Credit
• Saver’s Credit
• Foreign Tax Credit
• Excess Social Security and RRTA Tax Withheld
• Credit for Tax on Undistributed Capital Gain
• Nonrefundable Credit for Prior Year Minimum Tax
• Credit to Holders of Tax Credit Bonds
• Retirement Plans – SEP, IRA, TSA & 401k Line 28 & 32

Education

• Lifetime Learning Credit
• American Opportunity Tax Credit

Homeowners

• Mortgage Interest Credit
• Residential Energy Efficient Property Credit
• Nonbusiness Energy Property Credit
• Low-Income Housing Credit (for Owners)

Electric Vehicle Credit

• Plug-in Electric Drive Motor Vehicle Credit
• Plug-in Conversion Credit (Section 30B(i))
• Alternative Fuel Vehicle Refueling Property Credit (Section 30C)
• New Qualified Fuel Cell Motor Credit (Section 30B(b))

 

What expenses can be deducted from MAGI Income?

Tuition & Fees  Form # 8917

Health Savings Accounts 

Form # 8889

SEP Plans 

Self Employed Health Insurance Deduction

IRA Deduction

Retirement Plans General Information  Line 16 a * 

Taxation of Pension & Annuity Income Pdf Publication 575

Health Savings Accounts  

♦  line 25 of 1040   

 ♦  Form 8889

Resources & Links

Insure Me Kevin.com  post dated 9.29.2013    *   8.31.2014