Have a Tax Question? Ask a Tax Expert
Hello and thanks for trusting me to help you today. I am a tax adviser with over 15 years of experience. Household income is defined as the sum of: (1) the taxpayer's modified adjusted gross income, plus (2) the aggregate modified adjusted gross incomes of all other individuals taken into account in determining that taxpayer's family size (but only if such individuals are required to file a tax return for the taxable year).
I have not been successful myself in exploring the website yet.
Ah, that's a lot more defined than I've seen. Thank you. So would a person use their 2012 1040 to calculate their modified AGI to apply for insurance on the exchange for insurance starting January 2014? What if their income was substantially different in 2013 than 2012? I'm just asking for your professional opinion since I don't think there is anything definitive; but perhaps there is.
You would need to go by the tax year that was just filed. So if applying in 2013 they would use their 2012 info. UC Berkley put this calculator outhttp://laborcenter.berkeley.edu/healthpolicy/calculator/
Some states are asking for a copy of the prior year return.
Ok, thank you. You've been very helpful. Would the number of dependents then be tied to the prior year return as well do you think?
OK. Have a great day Robin.