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BenzoDia

(1,010 posts)
98. You don't need that information to calculate your adjusted gross income.
Mon May 27, 2013, 02:38 PM
May 2013

You just calculate it and if you happen to be off for whatever reason, the difference is reconciled later on.

If your tax credit was too small one year, you'll get a refund. If it was too big, then you'll owe money.

There has to be a cutoff somewhere. Would you prefer it to be $60k? Honeycombe8 May 2013 #1
LOL. Nice try. nt antigop May 2013 #3
It varies by age. If you 2 are 55 and make 63K/yr $1026 isn't bad for 2 people at that age. JaneyVee May 2013 #41
63k is TOTAL for both people and that's just for PREMIUMS. antigop May 2013 #49
no that isn't how it works dsc May 2013 #8
It boggles me how few people get that that's how the brackets work. (nt) Posteritatis May 2013 #19
Boggles is right... pangaia May 2013 #32
It boggles the mind how arrogant some men are.... Honeycombe8 May 2013 #39
I think you are confusing withholding rate with marginal tax rate. dumbcat May 2013 #69
you are mixing up two different things dsc May 2013 #73
thanks, dsc. It wasn't worth my time trying to explain it. nt antigop May 2013 #24
Unfortunately, no. I lived it. I know. nt Honeycombe8 May 2013 #33
There is no way that could be true starroute May 2013 #65
Starrout and dsc are right LiberalFighter May 2013 #85
My dear son...you don't understand tax rates. Honeycombe8 May 2013 #43
you are just plain, flat out, gold carat, 100 percent wrong dsc May 2013 #67
Oh, my. This is embarrassing dumbcat May 2013 #72
Thank you RudynJack May 2013 #88
That's so daft I don't even want to hear your excues for why only some couples get this 'gift' and Bluenorthwest May 2013 #11
What do you mean? I am trying to understand, thank you. uppityperson May 2013 #12
You don't understand why some people have less money than others and need subsidy? Honeycombe8 May 2013 #36
The 1% have an excellent slution for this situation. pangaia May 2013 #29
This is absolutely incorrect. You should have someone do your taxes if you believe this. BenzoDia May 2013 #75
No there doesn't have to be a cutoff, they could make it a phase-out. JVS May 2013 #83
Sorry that doesn't cut it. 12k a year for health insurance is too much still_one May 2013 #102
kick nt antigop May 2013 #2
There will always be a cutoff and even $1 will put you over/under. uppityperson May 2013 #4
wow you're a real hoot! nt antigop May 2013 #5
ETA non snark uppityperson May 2013 #7
That could not amount to peanuts in California. DebJ May 2013 #9
Who typically earns what their house costs in a year? Where I live it'd not even get uppityperson May 2013 #10
...Where are you getting the idea that she's talking about buying a house outright for that much? nt Posteritatis May 2013 #17
"$62000 will get you a small, old home and a 10 year old car." uppityperson May 2013 #20
I repeat my question. (nt) Posteritatis May 2013 #22
I repeat my answer. nt uppityperson May 2013 #70
So why not linearly taper off the benefit starting at some point instead of having the shock? of Lucky Luciano May 2013 #45
That would be a good idea, to have it be sliding scale vs on/off. I agree with that. nt uppityperson May 2013 #71
I am saying that on an annual income of $62,000 a year, a family of DebJ May 2013 #92
Thanks for reply. Wages have not kept up with costs, that is for sure. uppityperson May 2013 #105
Donate a little more to a personal IRA. JoePhilly May 2013 #6
if you're already at the maximum, you can't. nt magical thyme May 2013 #62
For a couple both aged 64, the difference is $889/month - over $10,000 a year muriel_volestrangler May 2013 #13
I agree. People are going to be outraged when they get caught in this. nt antigop May 2013 #15
isn't it amazing how people are trying to spin this? nt antigop May 2013 #18
It is a sliding scale. No one has bothered to check the facts of the OP. But it's clear.... Honeycombe8 May 2013 #44
You are partially correct. at 133% of the poverty line the subsidy is 90%. The subsidy kelly1mm May 2013 #53
The California site says it's a sliding scale. Honeycombe8 May 2013 #59
Yes, it is because of their ages, but is that OK? muriel_volestrangler May 2013 #63
But these payments are sliding scale and offer us exactly what? truedelphi May 2013 #81
A younger friend is receiving health insurance, disability, dental and life insurance for $104 a Thinkingabout May 2013 #14
$1026 per month for two people w/ income $63000 IS NOT AFFORDABLE. antigop May 2013 #16
I agree, that is way too much. As is $550/month w/income $25,000 ($10,000 deductible) uppityperson May 2013 #21
To paraphrase Grover Norquist.. pangaia May 2013 #34
Preventive exams are free. They don't have to choose that policy. Honeycombe8 May 2013 #51
and a "less comprehensive" plan will nail them if they have medical problems. nt antigop May 2013 #52
Medical care is expensive. lumberjack_jeff May 2013 #101
Agreeing with uppity person. We were supposed to have reform truedelphi May 2013 #80
Uniquely American Solution - What is it ? Why is it being pushed? slipslidingaway May 2013 #84
I went off and spent some worthwhile time reading material over at truedelphi May 2013 #114
Thanks so much for coming back for a thank you ... slipslidingaway May 2013 #116
And the difference is that they're younger muriel_volestrangler May 2013 #35
I'm surprised this hasn't been pointed out more often davekriss May 2013 #23
There are some groups available andvwill require some shopping. One thing to Thinkingabout May 2013 #31
A lot of bullshit and snickering in this thread, but a few years ago my income changed and... TreasonousBastard May 2013 #25
It is a sliding scale. But at some point, the subsidy ends. nt Honeycombe8 May 2013 #57
You have to ProSense May 2013 #26
Can you explain what 'premium caps' are? muriel_volestrangler May 2013 #40
That's what ProSense May 2013 #46
You said "It also doesn't reflect premium caps" muriel_volestrangler May 2013 #64
No ProSense May 2013 #66
That doesn't explain what you say about premium caps muriel_volestrangler May 2013 #68
Well. ProSense May 2013 #74
So the calculator *does* accurately show the premium caps for the income shown muriel_volestrangler May 2013 #86
A job where you are making $63,000 does not come with some type of insurance? Herlong May 2013 #27
In NYC, frequently. That was me for many years. Freelancer/ Contractor status. bettyellen May 2013 #28
the $63,000 income is for TWO PEOPLE in the example. nt antigop May 2013 #30
Side note: About us file not found? Herlong May 2013 #37
How is that possible, I put in $88,000/yr for 3 people, 2 are under 21 = $573/month $0 Subsidy. JaneyVee May 2013 #38
because you probably put in an age of 35 for the first adult. antigop May 2013 #42
I put in 31, $88000/yr, 2 under 21, and it came to $559/month. Thats a great deal actually. JaneyVee May 2013 #47
$1026 per month IS NOT "AFFORDABLE" for a $63,000 income. NT antigop May 2013 #50
Not only have you pointed out ProSense May 2013 #60
It's official: California sucks. Major Hogwash May 2013 #77
As has already been pointed out, it's the couple's *combined* income muriel_volestrangler May 2013 #87
Also a MASSIVE marrige penalty. If single, and at $31.5k each (same as 63k joint) kelly1mm May 2013 #48
$31.5k single does not equal $63k joint. Honeycombe8 May 2013 #55
Ummmmm, ever hear of shacking up? Same economy of scale as being married (shared expenses) kelly1mm May 2013 #56
You mean with a man? You know any man who's in the market for a 59 year old woman? Honeycombe8 May 2013 #58
kelly1mm, one important consideration in considering the new ACA and its truedelphi May 2013 #115
Gee, if only someone had... what do you call it? Egalitarian Thug May 2013 #54
Does not have to be $1000. Put in a couple both 55 and $62,039 income. Then add $1 to income kelly1mm May 2013 #61
$12312 a year in premiums + yearly out of pocket KentuckyWoman May 2013 #76
Bingo we have a winner. Your comment is spot on. truedelphi May 2013 #82
That couple would be exempt from the penalty. subterranean May 2013 #108
Calculator is not working properly. I guarantee it. BenzoDia May 2013 #78
Other calculators agree with it muriel_volestrangler May 2013 #89
The disclaimers say that their estimates are based on household income while the law uses BenzoDia May 2013 #91
That page doesn't talk about how to calculate an adjusted gross income muriel_volestrangler May 2013 #93
The page I provided has a direct link to the IRS' webpage detailing things that can deducted. BenzoDia May 2013 #96
I can't see it; and how can a current tax form help with a new system that hasn't started yet? muriel_volestrangler May 2013 #97
You don't need that information to calculate your adjusted gross income. BenzoDia May 2013 #98
But you're still guessing that the insurance premiums are taken off to calculate AGI muriel_volestrangler May 2013 #103
There's no guessing about it. It's specified in the healthcare.gov and irs.gov links I pasted and BenzoDia May 2013 #104
Yes, but we can't find anything on the websites to confirm what you say muriel_volestrangler May 2013 #106
Read my links. It's in there. BenzoDia May 2013 #107
OK, currently health insurance premiums are deducted to work out AGI for the self-employed muriel_volestrangler May 2013 #109
What if you have a defined benefit pension but no health insurance? senseandsensibility May 2013 #112
I don't believe you can lower your AGI with your health insurance premiums if you're employed. BenzoDia May 2013 #113
This does happen in the tax code Sgent May 2013 #79
I've found a new way to keep the net premium down - add an unemployed under-25 muriel_volestrangler May 2013 #90
I noticed that as well....but if you don't have any dependents under 26.... nt antigop May 2013 #94
load of horseshit datasuspect May 2013 #95
Fun with math. lumberjack_jeff May 2013 #99
I think the point of the OP is the need for a graduated scale Savannahmann May 2013 #100
It's all bullshit anyway. Healthcare should be NON-PROFIT n/t leftstreet May 2013 #110
Bingo. Single payor Canadian style system. roamer65 May 2013 #111
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