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In reply to the discussion: How an additional $1,000 in income can cost you $6,420 more in premiums in CA [View all]BenzoDia
(1,010 posts)98. You don't need that information to calculate your adjusted gross income.
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.
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How an additional $1,000 in income can cost you $6,420 more in premiums in CA [View all]
antigop
May 2013
OP
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
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
You don't understand why some people have less money than others and need subsidy?
Honeycombe8
May 2013
#36
This is absolutely incorrect. You should have someone do your taxes if you believe this.
BenzoDia
May 2013
#75
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
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
For a couple both aged 64, the difference is $889/month - over $10,000 a year
muriel_volestrangler
May 2013
#13
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
A younger friend is receiving health insurance, disability, dental and life insurance for $104 a
Thinkingabout
May 2013
#14
I agree, that is way too much. As is $550/month w/income $25,000 ($10,000 deductible)
uppityperson
May 2013
#21
and a "less comprehensive" plan will nail them if they have medical problems. nt
antigop
May 2013
#52
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
So the calculator *does* accurately show the premium caps for the income shown
muriel_volestrangler
May 2013
#86
In NYC, frequently. That was me for many years. Freelancer/ Contractor status.
bettyellen
May 2013
#28
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
I put in 31, $88000/yr, 2 under 21, and it came to $559/month. Thats a great deal actually.
JaneyVee
May 2013
#47
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
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
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
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
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
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
I've found a new way to keep the net premium down - add an unemployed under-25
muriel_volestrangler
May 2013
#90