Estimating Future Income when one earns commission and not a set salary?
I am a self-employed Real Estate agent. I have no idea what my income will be as it is solely based on sales commissions. Last year I reported $116k in gross income.
***The question is, what is your Annual Expected MAGI Income – line 37 of your 1040 – plus…
What were your expenses?
I was wondering what I need to satisfy their income reporting requirements as a self-employed individual. When I signed up for Covered CA, I had to give them an “estimated” monthly income figure. Because I have no idea what the actual number would be, I chose $3,500/month,
***$3,500/month would be $42,000/year which would probably get you very little in subsidies or tax credits presuming you are single. Tax credits stop at 400% of FPL Federal Poverty Level or $47k. Check our Income Chart and better yet, use our FREE tax subsidy and quote calculator to see.
Here is what is accepted as proof of income for estimating the subsidy.
which I thought was my best guess at what my annualized income might be. When I spoke with a Covered CA representative about this, she said because I have no income I am no longer eligible for the Covered CA policy I currently have, and that I must re-apply to MediCal.
***Right. So, what I would suggest is that you appoint us as your Covered CA Certified Agent, (Instructions) there is no charge, we get paid from Blue Cross to help you. We can go in to our agent portal and tell Covered CA that you don’t want advance subsidies (APTC). You can then keep your Blue Cross plan, without the tax credit. At the end of the year since you are still with Covered CA, you can take the subsidies when you file your taxes if you’re income is below $47k…
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