Table of Contents
MAGI Income, Expenses or Deductions
Just scroll down and visit the page you need.
More detail on Deductions from MAGI Income
- Alimony – From a Divorce Settlement
- Annuity Income? IRA, Pension # 1040 Line 4
- Calif. Earned Income Tax Credit
- Capital Gains – Line 6
- Caregiver Income?
- Charitable Donations
- Clergy – Housing Allowance?
- Debt Cancellation? Foreclosure?
- Educational Credits
- Employee Business Expense Unreimbursed
- Foreign Income IRC §911
- Fudging the Income or Deductions?
- Gambling Income & Losses – Other Income Line 21
- Gift Income?
- Interest Income – Line 8 a & b
- Itemize or use Standard Deduction?
- Life Insurance Proceeds
- Medical Expense Deduction – Line 40 Individual
- Rental Income? Line 17
- Schedule C – Self-Employment Income – Line 12
- SDI State Disability Benefits Taxable?
- Sharing, Gig, On Demand, Access Economy, Air Bnb, Lyft, Uber
- Social Security Benefits Line 5 a & b
- Student Loan Interest?
My divorce agreement provides that my X Spouse must provide lifetime housing in one of their rental units or bedroom. More specifically – My ex-wife is providing me one room for my living space which values around $450 per month. She also allows me to use her car. Does that count as alimony even though it’s non cash? Does that count as income for Covered CA subsidies?
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In the example on page 14 of IRS Publication 504 https://www.irs.gov/pub/irs-pdf/p504.pdf it says that it wouldn’t be alimony as it’s a home you own and the debts are yours. If you owned the home jointly with your spouse see page 15 table 4
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Publication 504 is a 30 page document and refers one to other documents, including your actual separation agreement. Be sure to seek competent tax and legal counsel. Covered CA basically just goes by the definition of MAGI line 37 of your 1040 and not how your AGI is calculated.
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I am trying to calculate my income to see if I am eligible for Medi-cal or what I can buy through Covered California [with a certified agent, at no additional charge]. Would you please answer these questions for me:
1) Does spousal support count as income?
2) Do gifts count as income?
3) What time period is taken into account when calculating one’s income?
Spousal Support – When was your divorce decree signed? See our webpage on Alimony
How much is the gift? See our page on gifts
The time frame is the future! See MAGI Definition. Sure, many people think it’s the past as Covered CA may ask for last years paperwork, but that’s BS! You might have to give back all the subsidies when you file form 8962!
Agents are prohibited from giving tax advice. You can try VITA
Once you know your expected MAGI income for this or the upcoming year – use our free subsidy and FPL calculator to get quotes or see if your income is below 138% of income and you go Medi Cal.
Click here to view more FAQ’s https://taxcredits.healthreformquotes.com/magi-modified-adjusted-gross-income-line-37/magi-faqs/taxable-non-taxable-income/
Hi Steve,
I am trying to calculate my income to see if I am eligible for Medi-cal or what I can buy through Covered California [with a certified agent, at no additional charge]. Would you please answer these questions for me:
1) Does spousal support count as income?
2) Do gifts count as income?
3) What time period is taken into account when calculating one’s income?
Thanks,
Linda
1. Yes, it’s line 11 of your 1040. See our page on spousal support for more detail
2. No. See our Gift page for more detail
3. It’s what you expect that your 2016 1040 return will show for line 37 AGI Adjusted Gross Income, then add in, Social Security Line 20…, Foreign Income and Exempt Interest line 8b. See our MAGI Income page for more detail.
Get free quote, subsidy calculation, Enhanced Silver Level here, once you have your estimated MAGI Income. You can easily change the income amount and see if you get Medi-Cal, Enhance Silver, etc. There is no extra charge for our help. We get paid, when you appoint us as your agent.