Finance Questions? Ask a Financial Expert for Answers ASAP
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1) Yes, if your income is higher than the threshold, then you will have to pay back the tax credit when you file your taxes.
2) They would estimate your income based on your estimated 2014 income
3) Tax deductions in 2014 are tbd, but as it stands now it sounds like you will still be able to take an off the top deduction in 2014 for the premiums paid - this would be the premium less any tax credit.
Do you have any further questions? If your AGI is $100,000 I would not suggest estimating your income to be lower in order to use a tax credit.
Thanks for the answer.
Do you know what the thresholds are?In 2012 I earned $100K and in 2013 I'll earn $40K. So I guess it is appropriate to estimate $40K for 2014?
If you think you will make that amount in 2014, yes
I have another tax question which is off topic. Do you want me to answer another question. By the way: it is related to California taxes.
i mean ASK another question
Would you mind closing out this one and opening a new one, so that we can get credit for both?
Sure. How do I do that?
Rate this question, and then ask another one however you started this one
By the way, do you know the thresholds for health insurance per our thread/
No, I do not know the thresholds off the top of my head
OK. Let me know how to open a new question if you know.
Please take a moment to rate this response as excellent
and once you do that you should be able to open a new question