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Mark Anderson
Mark Anderson, Tax Attorney
Category: Tax
Satisfied Customers: 540
Experience:  Tax attorney and accountant
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My adjusted gross income (line 38) is $72,052 My itemized

Customer Question

My adjusted gross income (line 38) is $72,052
My itemized deductions (line 40) totaled $71,017
line 41 is $1,035
Line 42 Exemptions is $4,000 X 2 = $8,000.
Shouldn't this be a negative number?
Do I need to pay back $9,008 in tax credit (difference in the premium I paid under Obamacare and the total I was charged by the insurance company) if my taxable income is zero?
Submitted: 6 months ago.
Category: Tax
Expert:  Mark Anderson replied 6 months ago.
It looks like they use line 37:http://obamacarefornc.com/ppm-faq/what-is-modified-adjusted-gross-income-magi/They use modified adjusted gross income.
Expert:  Mark Anderson replied 6 months ago.
http://obamacarefee.com/magi/
Expert:  Mark Anderson replied 6 months ago.
http://poorrichardsnews.com/obamacare-exchange-calculating-prices-based-on/
Customer: replied 6 months ago.
So because they use line 37 ($72,052) and dont take into account itemized deductions or Exemptions ($8,000, I am responsible to pay back the difference in the cost of Affordable Care Health Insurance and the premium that I paid? My premium was $478 for a family of 3 and they want me to pay back over $9,000. Is this right?
Customer: replied 6 months ago.
That was a $478 health care insurance premium per month.
Expert:  Mark Anderson replied 6 months ago.
Did you get a notice. I would try to appeal it.
Customer: replied 6 months ago.
How do I appeal?
Customer: replied 6 months ago.
Yes I received a letter from the IRS
Expert:  Mark Anderson replied 6 months ago.
I would write the IRS and tell them you have negative income. Did you have the same situation the previous year. Maybe you had a NOL that you can carry forward.
Expert:  Mark Anderson replied 6 months ago.
http://www.bidawiz.com/questions/personal-tax/tax-deductions/zero-magi-for-obamacare-due-to-net-operating-losses
Customer: replied 6 months ago.
No, I lost my job in Feb. 2015 and had only unemployment and severance until mid Nov when I got another job. I had considerable income in 2014 and paid a large tax bill.
Customer: replied 6 months ago.
Is there a specific address to send my appeal to?
Expert:  Mark Anderson replied 6 months ago.
Typically the IRS letter has an address that you can write back to regarding the issue. I would also get some help from the tax payer advocate. I was going to call, but the payment could not be confirmed.
Expert:  Mark Anderson replied 6 months ago.
http://www.infowars.com/obamacare-a-deception/
Expert:  Mark Anderson replied 6 months ago.
If you think I answered your question, then please hit accept. Also, if you want a call you need pay. Thanks.

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