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Health Marketplace question. If I am a consultant on 1099,

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Health Marketplace question.If I am...
Health Marketplace question.If I am a consultant on 1099, working out of state, what do I report as my income?- The income on 1099, or- The net income after all the travel, and business expenses?
Submitted: 7 months ago.Category: Family Law
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12/10/2017
Family Lawyer: RayAnswers, Lawyer replied 7 months ago
RayAnswers
RayAnswers, Lawyer
Category: Family Law
Satisfied Customers: 48,178
Experience: 30 years as a family law lawyer .
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Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question and respond.

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Family Lawyer: RayAnswers, Lawyer replied 7 months ago

Wee you report the 1099 income, you can itemize your self employment business here and take deductions.

Form 1040 Schedule C

Self-employed individuals paid on a 1099 must submit Form 1040 along with Schedule C for their personal income taxes. Form 1040 is the regular personal income tax form. Schedule C accounts for personal business income. Schedule C essentially expands upon line 12 of Form 1040, providing additional workspace to calculate a figure for business income or loss.

Business Expense Deductions

Self-employed individuals are allowed to deduct a wide range of regular business expenses from their taxable income. This provides a distinct advantage over regular employees, who are allowed a smaller number of possible deductions.

Regular business expenses include things that cannot be confused as personal expenses, such as the direct cost of materials or inventory, legal fees and office space located outside of the home. Other business expenses such as payroll, computers and office furniture can be deducted as well.

Additional Deductions

The IRS allows self-employed individuals to make additional deductions for expenses that blur the lines between business and personal costs. Home-based entrepreneurs, for example, can deduct a portion of their rent and utilities based on the size of their home offices. Self-employed individuals can also deduct a certain amount for things such as gasoline, office supplies, telephone expenses, home insurance premiums and entertainment expenses for business purposes.

I appreciate the chance to help you tonight.Thanks again.

If you can positive rate 5 stars it is much appreciated.

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Customer reply replied 7 months ago
You are talking about the tax time. I am talking about the health marketplace. They need my income. If I give them my gross income then they will crucify me with premiums.
Family Lawyer: RayAnswers, Lawyer replied 7 months ago

You would give them your net income for the last years income tax.So enrolling now give them your net income for 2016 return.Understand you have to adjust at end of next year if your income changes, you could get money back if less, owe more if you make more.

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Family Lawyer: RayAnswers, Lawyer replied 7 months ago

Reference

When you fill out a Health Insurance Marketplace application, you’ll have to estimate your net self-employment income. Marketplace savings are based on your estimated net income for the year you’re getting coverage, not last year’s income.

https://www.healthcare.gov/self-employed/coverage/

I appreciate the chance to help you and clarify this.Thanks and thanks for rating 5 stars at top of page.

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Customer reply replied 7 months ago
When I registered for 2017 they asked me for the estimated income for 2017, which I gave them. They need the estimated income for 2018.That's what I am asking you. Do I give them the "estimated" net income I expect to give to IRS on Schedule C through 1099 or the gross income I am getting on 1099.
Family Lawyer: RayAnswers, Lawyer replied 7 months ago

Yes estimated net income here.Just understand you have to reconcile at end of next year on your tax return, you may get money back or owe or your estimate may be accurate.It is an estimate. Best you can do here.It is the net you think you will make here.

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Family Lawyer: RayAnswers, Lawyer replied 7 months ago

Happy Holidays to you and thanks for rating.

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Customer reply replied 7 months ago
They are not allowing me to change the information as the application has been processed. Should I delete my application and start over? Is there any issue with doing that other than having to do it again?
Family Lawyer: RayAnswers, Lawyer replied 7 months ago

No you should be able to delete and send it again.You can also call here

A new 800 number you can call to get your Marketplace questions answered by a customer service representative, available 24/7: 1-***-***-**** (TTY: 1-***-***-****)Jun 21, 2013

Welcome to the new HealthCare.gov! | HealthCare.gov

I know its frustrating I have child with this and have had to do same thing.

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Family Lawyer: RayAnswers, Lawyer replied 7 months ago

Thanks again and thanks for rating 5 stars.

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