How does one answer the
on the Covered CA application?
Projected MAGI Modified Adjusted Gross income Line 37* is a VERY key question. That’s the number one uses to get subsides. See the button below to get your no obligation quote and subsidy calculation.
IMHO, it’s best just to figure out your Projected MAGI Modified Adjusted Gross income Line 37* 8 b and put that number in. It gets IMHO waaay too confusing to put in every line item of your Tax Return into the Covered CA website. This page was originally written when Paper Applications were more common. Everything now is ONLINE with Covered CA.
Instructions for Completing Income Estimation Questions
Call us 310.519.1335 and we can expedite your application over the phone in about 15 minutes. Email [email protected]om or call us 310.519.1335 if you have any questions.
We will ask that you appoint us as your Covered CA agent, at NO extra charge to you, so that we can get compensated for our time.
In a lot of ways, IMHO it’s just easier to estimate what will be on Line 37* of your Tax Return and put that number down, rather than get bogged down with a million questions on the Covered CA site to get to the same spot.
When you do your taxes it will truly be calculated then, just like a w-4 for withholding deductions now.
Historical Information from Paper Application
What Covered CA is really looking for is MAGI – Modified — Adjusted Gross Income from your projected tax return.
Self Employed – 1099
This is all about figuring your 2014 taxes and the Credit that you will get for having a Qualified Health Plan in force as mandated by law. The screen shot on the left is from the Covered CA Application and the one on the right is from the 2012 1040 form (Instructions). Even if you don’t owe taxes, you can still get the credit. irs.gov FAQ’s
For a full analysis it’s imperative that you view our other pages on the Advance Premium Tax Credit and check with competent legal and tax professionals. If you would like to talk to a professional tax advisor about this try Bruce Bialosky [email protected] 310.273.8250
Related Pages in this section
- Income Chart – Line 8b 1040 Covered CA MAGI
- Questions? on Income Covered CA Application
- Table of Contents – Details of Income, Deductions & Expenses for MAGI
- Alimony – From a Divorce Settlement
- Annuity Income? IRA, Pension # 1040 Line 4
- Calif. Earned Income Tax Credit
- Capital Gains – Line 6
- Caregiver Income?
- Charitable Donations
- Clergy – Housing Allowance?
- Debt Cancellation? Foreclosure?
- Educational Credits
- Employee Business Expense Unreimbursed
- Foreign Income IRC §911
- 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 5 a & b
- Student Loan Interest?
If you change eligibility for Advance Premium Tax Credits or Cost Sharing Reductions (Silver 94 – 73) then you get a new special enrollment period to change plans and don’t have to wait till next year. Agent training page 9
Please note, that Covered CA appears to no longer accept the paper application. The ONLINE application is easier, BUT they still need to verify to give you tax credits.
Video Importance of Reporting Changes - Covered CA Video
Denial of benefits and possible criminal charges if you don't report changes in income!