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upaloopa

(11,417 posts)

4. They mean cash income, depreciation is a non cash expense

Reply to Tumbulu (Original post)

Tue Oct 1, 2013, 05:07 PM

Oct 2013

They don't want your taxable income. On average how much cash do you bring in each year? That is before expenses. That compares to how much gross income is paid to a employee.
The first line on your income tax form says "income". That number is what they are looking for.

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Figuring income for the Affordable Care Act [View all] Tumbulu Oct 2013 OP

I am a freelance writer in California, and have many of the same questions villager Oct 2013 #1

If you underestimate your 2013 income, you run a risk of having to repay the subsidy in 2014. lumberjack_jeff Oct 2013 #2

but what if you overestimate it? Tumbulu Oct 2013 #3

I'm in Washington. lumberjack_jeff Oct 2013 #7

Thanks, my big worry is that I get the subsidy Tumbulu Oct 2013 #11

They mean cash income, depreciation is a non cash expense upaloopa Oct 2013 #4

uh, no. Schema Thing Oct 2013 #6

they want MAGI upaloopa Oct 2013 #14

That makes some sense, but the documentation that they ask for Tumbulu Oct 2013 #8

It is NOT your taxable income, that part is correct, but your Sch C/F net income (after expenses) is kelly1mm Oct 2013 #10

Thank you! So, at this point that number from 2012 Tumbulu Oct 2013 #12

I believe (but do not know) that there is a mechanism for certifying that your 'next year' kelly1mm Oct 2013 #15

Maybe you can find an answer here somewhere: Zorra Oct 2013 #5

I'm self employed as well Jacoby365 Oct 2013 #9

When I use line 37 from the 1040 Tumbulu Oct 2013 #13

I'm probably going with 2012 income (known) and then factor in my best guess for how 2013 compares kestrel91316 Oct 2013 #16