How much of your Pension & Annuity Income goes on line 4 of IRS 1040 and


thus counts towards MAGI Income for Covered CA subsidies?

​2019 1040 Form   

Line 8b Adjusted Gross income then add line 2a, 5a &

7a (Foreign Income)

to get Covered CA MAGI Income

 

2019 Schedule 1  Additional Income & Adjustments to Income

Just the Count Taxable Portion of your income counts

Covered CA Countable Income  

Reported on 1099-R   Form 1099-R     Instructions for Forms 1099-R and 5498 (HTML)

Contributions – Deductible

  • Contributions you make to an IRA may be fully or partially deductible, depending on which type of IRA you have and on your circumstances; and
  • Generally, amounts in your IRA (including earnings and gains) aren’t taxed until distributed. In some cases, amounts aren’t taxed at all if distributed according to the rules.  IRS.gov Publication 590

See Publication 560 for Small Biz Retirement plans…  

Our Website on Retirement Planning

Retirement Planning

 

 

 

Free Instant Quotes - Including Subsidy Calculation

Free Instant Quotes - Including Subsidy Calculation

Same Price as Covered CA or Direct with Insurance Company!

Set up time for phone, Skype or face to face meeting

 

Guaranteed Issue - No Pre X Clause

Detailed Video Instructions on using our Quote Engine

How to use our FREE Quote Engine, Subsidy Calculator  and get the MOST from the experience.

When you get a FREE quote, you can also see the benefits, view actual brochures, MD and Hospital Lists all ONE easy process with no obligation & it can be anonymous.   Enter your zip code, date of birth, family - household taxation relationships (MAGI - Definition),    Estimated MAGI - Modified Adjusted Gross Income for the upcoming - current year.  Last years tax return only gives an idea so that Covered CA can approve your advance tax credit to help pay premiums.

If you qualify for tax credits - subsidies and want them in advance (Pros-Cons) of filing your taxes click on "Health On Exchange" - Covered CA, illustrated below.

This website and are individual consultation are provided to you FREE of Charge!  We are paid by Covered CA and/or the Insurance Companies to help you.  When you fill out the Covered CA ONLINE Application, just appoint us as your agent under Find Help in the Upper Right Hand Corner so that we get paid for helping you.  Click here for screen shots for more detail of how to do it.  If you prefer, you can pay us a consultation fee in lieu of appointing us as your agent, for educational services only.

You can then see all the quotes on the exchange, showing the Cost Share Reduction - Enhanced Silver  if available, subsidy - tax credit amount and your net premium.    If you click "Off Exchange" you will see more plans and companies which  may have larger provider lists.   Scroll down for more screen shots.

Then click on "View Plan Details" - "View Doctor's & Providers" - to compare and get more information.  Please note that the quote engine does not show enhanced silver, but shows silver at 70%.  Check our chart for the better silver coverage.   To apply, click on apply now or use the links in the right hand column, ON THIS PAGE, but it will have you redo the quote for that specific company.   The price is the SAME, no matter if you use us, go direct to Covered CA or the Insurance Company, as mandated by law!  If applying through Covered CA, be sure to sign the form to appoint us as your agent.  It's not all the easy to figure out how to do it on their website.

 If you have any questions email [email protected] or call us 310.519.1335

Steve Shorr - Covered CA Certified Agent

Steve Shorr - Covered CA Certified Agent -
Appoint Us  
No Charge for Complementary Year Around Service -
Same price as Covered CA or Direct with Insurance Company
Get instant Quotes, including APTC Subsidy Calculation

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Video on how great agents are

2 comments on “Annuity Income? IRA, Pension # 1040 Line 4

  1. I have just begun to receive retirement income that will make me ineligible to continue to receive Medi-cal benefits.

    I have questions about the Kaiser Program…

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