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kelly1mm

(5,756 posts)

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

Reply to upaloopa (Reply #4)

Tue Oct 1, 2013, 05:22 PM

Oct 2013

part of what makes up your AGI, along with W-2 income, SS payments, rent income, pensions ect., which is number at the bottom of your 1040 p.1 (which includes Sch. C/ Sch F. 'net' income after expenses (excluding healthcare premiums for owner)) and adds in non taxable Social Security/dividends/capital gains). This is the number that is then reduced on p.2 by your standard/itemized deductions before figuring your tax due and any other credits.

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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