Pages MAGI – Modified Adjusted Gross Income – Line 37* Now 7 or 8b Income Chart – Line 8b 1040 Covered CA MAGI More FAQ’s – on FPL Income Chart Frequently Asked Questions Even more FAQ’s FPL Chart – Hourly Income Conversion How much is Covered CA premium – per month Tax Credits? ObamaCare? Reply to Web Visitor’s Question zHistorical Income Chart Questions? on Income Covered CA Application Table of Contents – Details of Income, Deductions & Expenses for MAGI Alimony – From a Divorce Settlement Alimony Increase? Child Support Health Insurance Court Order to provide 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 4 Calif. Earned Income Tax Credit Capital Gains – Line 6 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 how to report on 1040 Hobby or Business? Home Office Deduction SDI State Disability Benefits Taxable? Disability Income? Employer and Personally Paid? Unemployment Compensation? MAGI Income? Sharing, Gig, On Demand, Access Economy, Air Bnb, Lyft, Uber Social Security Benefits Line 5 a & b Survivor Benefits Social Security count towards MAGI Children’s Income? Child not on Tax return? Student Loan Interest? Mandate Penalty no health insurance for California End of Mandate – End of ACA Obamacare? Health Coverage is a priority! 10 Reasons that you need Health Insurance Tax Penalty 2.5% of Income Calculation Mandate Tax Penalty Enforcement? House to Stop IRS Enforcement – Historical Who is mandated to get Health Insurance? §5000 A – Requirement to maintain Health Insurance Minimum Essential Coverage QHP – Qualified Health Plan Standards & Definition Exemptions from CA Mandate Penalty FAQ’s IRS Form 8965 Historical Exemptions Eligibility Standards §155.605 Health Sharing Ministries – Not Protected by Insurance Guarantees Less than 3 months without coverage Flow Chart – Are you mandated to get Health Insurance? More Detail – Individual Mandate z30% Penalty for not having prior coverage – Donald Care AHCA §133 Historical Site Map Tax Credits & Subsidies Introduction 1095 A Covered CA Statement of Subsidy & Proof of Coverage #1095 B Confirmation of Employer, Medi-Cal & Non Covered CA Coverage 1095 C Large Employer Coverage 8962 Premium Tax Credit APTC Form attaches to Form 1040 excess subsidy IRS # 2015-9 No Penalty on payback of for 2014 IRS 12 c letter – need to file 8962 Premium Tax Reconcilation Maximum Pay Back of APTC? Medi Cal – Income Drop? Tax or Subsidy Pay Back? Case Study – Corrections 3 years later? Tax Return Deadline & Mandate to File VITA FREE help – Covered CA Warning Memo APTC Advance Premium Tax Credit – Subsidies – Introduction Premium Subsidy Now or Tax Time? Credit APTC at tax time if not requested when you enroll? Tax Loss – Negative MAGI Income – Medi Cal? Subsidies? Premium Subsidy to 600% FPL + Mandate Penalty? Tax Credit Calculation? CFR 1.36 B-3 36 B Tax Credit Calculation Technical Stuff AHCA Premium Age Variation 3:1 vs 5:1 §135 APTC Subsidies in Health Care.Gov Upheld – King v Burwell Affordable Health Coverage? 9.86% Employee ONLY Age 65 – Tax Credits? Con – Argument Against Cost for Medicare – Never worked in USA? Part A Medicare is not free – Can I get subsidies? Estimated Income Change – Covered CA not paying enough subsidies?