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Tumbulu

(6,630 posts)

8. That makes some sense, but the documentation that they ask for

Reply to upaloopa (Reply #4)

Tue Oct 1, 2013, 05:18 PM

Oct 2013

are certain lines from my tax return. These lines already have these expenses (and actual cost of business expenses removed as well) taken out by then.

If I sell my wheat for $12,000, but it cost me $7500 in expenses to grow it, then my income from it is $4500, not the $12,000. It is a matter of which expenses one is supposed to take into account and the person on the phone had no idea how someone with a fluctuating business income computes these expenses.

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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