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Get your taxes done using TurboTax
It's like I'm going through this with you because I have worried all throughout 2018 that I might end up making just a little too much and cost myself about 20 grand by getting greedy. Of course we want to squeeze out all of the income that we can without going over the cliff. It ended up pretty much exactly perfect for me. I was shooting for about a $3000 cushion and that's pretty much exactly what I got. Of course now I wish I had just worked about $2000 or so more but I'll take it, especially for my first year of going for the subsidies. I intentionally cut my income in 2018 by about $24k to qualify for about $21k in subsidies. That's a lot of time off for me for only a $3k sacrifice. Up until I took a long look at my tax results in 2017 and saw how close I was, I had just always assumed that I made way too much to ever qualify for subsidies but I'm tired of paying for everyone else to have far better insurance than I can afford. If there are a lot of people like me getting tired of paying it all for everyone else and just decide to cut production so that they can finally get subsidized, Obamacare won't last very long.
Ok. Line 27 and 28 are what they are and can't be changed so let's forget about those two lines for now. It's line 29 that matters here because it is the balance between how much of your premiums are subsidized and how much you have left over to deduct on line 29 that counts. What I need to know is: 1. Is TT saying that you get subsidies, or is it saying that you don't qualify? 2. What is your line 29 exactly? If TT is saying that you do not qualify for PTCs, line 29 should be equal to the total of Column A. If it is saying that you do qualify, it should be approximately equal to Column A minus the PTCs that it says that you are entitled to. 3. What is your MAGI (according to Yahoo)?
My 8962 was not as difficult to figure out because my MAGI was below the cliff even before anything on line 29. There is a tool at this site that looks like it might be helpful. Scroll down to the "Start" button. But first, send me that info and I will see what I can make of it. I sent you my email address on the last post in case you didn't want to have this discussion in front of everyone but they must have deleted it.
Ok. Line 27 and 28 are what they are and can't be changed so let's forget about those two lines for now. It's line 29 that matters here because it is the balance between how much of your premiums are subsidized and how much you have left over to deduct on line 29 that counts. What I need to know is: 1. Is TT saying that you get subsidies, or is it saying that you don't qualify? 2. What is your line 29 exactly? If TT is saying that you do not qualify for PTCs, line 29 should be equal to the total of Column A. If it is saying that you do qualify, it should be approximately equal to Column A minus the PTCs that it says that you are entitled to. 3. What is your MAGI (according to Yahoo)?
My 8962 was not as difficult to figure out because my MAGI was below the cliff even before anything on line 29. There is a tool at this site that looks like it might be helpful. Scroll down to the "Start" button. But first, send me that info and I will see what I can make of it. I sent you my email address on the last post in case you didn't want to have this discussion in front of everyone but they must have deleted it.
‎June 12, 2019
1:06 PM