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View Diary: Why is nobody talking about the OTHER Obamacare subsidy? (178 comments)

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  •  However your dad reports income to the IRS (2+ / 0-)
    Recommended by:
    Catte Nappe, davidincleveland

    whether through schedule C or some other form, there are ample deductions for business expenses.

    The subsidy is based on the modified adjusted gross income (MAGI).

    As Minnesota has one of the leading programs in the country in terms of getting federal money to people and adding state services besides, I'm thinking they should be in good shape for ACA.  Get them to a navigator if they have a lot of questions to sort out.

    I'm not liberal. I'm actually just anti-evil, OK? - Elon James White

    by Satya1 on Fri Nov 22, 2013 at 11:36:24 AM PST

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    •  Sorry Th3Drizzle to not give more (0+ / 0-)

      MAGI is not some easy number to come up with all the time and I should have added more.

      For many people  MAGI is the same as AGI, which is the total at the bottom of the first page (just the first side) of the 1040.  It is all income.  If one had business income with many expenses that would have been done on sched C probably so the net shows up on line 12 of the 1040.

      I think it is likely though that for your father a modification to his AGI is needed to come up with the MAGI.  Here is one place to go for more info on MAGI - not sure it is the best but it may be some help:

      http://obamacarefacts.com/...

      I'm not liberal. I'm actually just anti-evil, OK? - Elon James White

      by Satya1 on Fri Nov 22, 2013 at 11:53:20 AM PST

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      •  Whoa, the info here is a lot different... (1+ / 0-)
        Recommended by:
        doinaheckuvanutjob

        …for calculating MAGI than the info from UC Berkeley's Labor Center, which is what I've been using and telling friends and family to use.

        Underestimating MAGI will result in taxpayers' owing several thousand dollars when filing that year's taxes, so it's sort of crucial to know if IRA contributions have to be added back to AGI.

        Is that an official government site, or from a third party?

        •  It's a really simple concept, your reported income (0+ / 0-)

          AFTER taxes, deductions etc. In other words, your income on the line on the tax form after all your deductions. It can be zero. It's not your gross income which a lot of people are confused about.

          •  No, you are wrong doina..., (1+ / 0-)
            Recommended by:
            Willa Rogers

            adjusted gross income refers to before taxes, deductions etc are taking out.

            There is a difference between gross business income (from which you take necessary business deductions to get the net to carry to the 1040) and adjusted gross income which is the bottom line on the 1040 page 1.

            You are talking about something that does not even have a term name.

            It may be "a really simple concept" but you have the wrong one.

            I'm asking you to believe. Not in my ability to bring about real change in Washington ... *I'm asking you to believe in yours.* Barack Obama

            by samddobermann on Sat Nov 23, 2013 at 04:02:18 PM PST

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