tag:blogger.com,1999:blog-6747929661464411700.post4912084728473702706..comments2023-03-23T07:14:38.482-04:00Comments on The Super Tax Genius: Healthcare Law, Obamacare, Affordable Care Act InfoSuper Tax Geniushttp://www.blogger.com/profile/11781778562290959626noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-6747929661464411700.post-4868315361573941822013-03-30T22:02:27.490-04:002013-03-30T22:02:27.490-04:00As I understand the exchanges, you can report your...As I understand the exchanges, you can report your current income based on other documents besides your 2012 tax return. You are in fact, encouraged to do so to ensure that your subsidy is neither too large nor too small. The exact mechanism for this is not currently clear, but as we approach October, www.healthcare.gov will be the source for details. The bottom line is that, no matter what income they use to calculate your subsidy, you'll end up with the right amount in the end. You either get too small a subsidy, and get the rest when filing 2014 taxes, or you get too big a subsidy, and pay it BACK on your 2014 taxes. Keeping the exchange informed of your ACTUAL CURRENT INCOME during 2014 is critical.Super Tax Geniushttps://www.blogger.com/profile/11781778562290959626noreply@blogger.comtag:blogger.com,1999:blog-6747929661464411700.post-67180381554175712622013-03-30T20:44:30.495-04:002013-03-30T20:44:30.495-04:00I apply for insurance 10/1/13.
2012 MAGI was $30k ...I apply for insurance 10/1/13.<br />2012 MAGI was $30k high for a one time taxable item.<br />2013 MAGI, at the 113% FPL, determined in 2014, will approximate what my 2014 MAGI will be, determined in 2015.<br /><br />Will I have to over pay in 2014 and get the money back in 2015 because of the 2012 $30k?<br /><br /><br /><br />Craighttps://www.blogger.com/profile/15974244723803518843noreply@blogger.com