MAGI – Modified Adjusted Gross Income (Line 37*)
What counts as Income, Expense, Credit or Deduction?
IRS Publication 974 Premium Tax Credit
What Is the Premium Tax Credit (PTC)?
Who Must File Form 8962
Who Can Take the PTC
Terms You May Need To Know
Minimum Essential Coverage (MEC)
Individuals Not Lawfully Present in the United States Enrolled in a Qualified Health Plan
Determining the Premium for the Applicable Second Lowest Cost Silver Plan (SLCSP)
Allocating Policy Amounts for Individuals With No One in Their Tax Family
Allocation of Policy Amounts Among Three or More Taxpayers
Alternative Calculation for Year of Marriage
Self-Employed Health Insurance Deduction and PTC ...
Steve Shorr - Covered CA Certified Agent -
Appoint Us - Instructions
No Charge for Complementary Year Around Service -
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Video on how great agents are
IRS Interactive Tax Assistant
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
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
- Annuity Income? IRA, Pension # 1040 Line 16a
- Calif. Earned Income Tax Credit
- Capital Gains – Line 13
- Caregiver Income?
- Charitable Donations
- Clergy – Housing Allowance?
- Debt Cancellation?
- Educational Credits
- Employee Business Expense Unreimbursed
- 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
- 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
- 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
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
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?
Self Employed Health Insurance Deduction
Retirement Plans General Information Line 16 a *
Taxation of Pension & Annuity Income Pdf Publication 575
Resources & Links
Insure Me Kevin.com post dated 9.29.2013 * 8.31.2014
IRS - Your Federal Income Tax - Publication # 17
What counts as Income?
Gains & Losses
Adjustments to Income?
Deductions
How to figure your tax?
Itemized Deductions Changes 2018
See Publication 17 Part 5
IRS Mortgage Interest Deduction
Click here to view more FAQ’s https://taxcredits.healthreformquotes.com/magi-modified-adjusted-gross-income-line-37/magi-faqs/taxable-non-taxable-income/
Hi Steve,
I am trying to calculate my income to see if I am eligible for Medi-cal or what I can buy through Covered California [with a certified agent, at no additional charge]. Would you please answer these questions for me:
1) Does spousal support count as income?
2) Do gifts count as income?
3) What time period is taken into account when calculating one’s income?
Thanks,
Linda
1. Yes, it’s line 11 of your 1040. See our page on spousal support for more detail
2. No. See our Gift page for more detail
3. It’s what you expect that your 2016 1040 return will show for line 37 AGI Adjusted Gross Income, then add in, Social Security Line 20…, Foreign Income and Exempt Interest line 8b. See our MAGI Income page for more detail.
Get free quote, subsidy calculation, Enhanced Silver Level here, once you have your estimated MAGI Income. You can easily change the income amount and see if you get Medi-Cal, Enhance Silver, etc. There is no extra charge for our help. We get paid, when you appoint us as your agent.