retire2020
Recycles dryer sheets
- Joined
- Sep 22, 2012
- Messages
- 459
MFJ Family of 5 - 3 Kids(21 and in College, 13, 13)
1040 Line 8b Tax Exempt Interest $7277
1040 Line 22 Total Income $121,328
Dependent DD's W2 Income $291.20
Deducations as follow:
1040 Line 25 HSA Deduction $6750
1040 Line 27 Deductible part of Self Employment Tax $742
1040 Line 29 Self Employed Health Insurance Deduction $9755
1040 Line 34 Tuition and Fees $2500 I took some courses
1040 Line 37 AGI $101,581
1040 Line 48 Foreign Tax Credit $204
1040 Line 50 and Line 69 AOTC for DD $2500
1040 Line 52 Child Tax Credit $2000
400% FPL for family of five for Obamacare Subsidy $113,700
I calculated MAGI as follow:
AGI + Tax Exempt Interest + DD's W2 Income = 101,581 + 7277 + 291.20 = 109,149.2
Please let me know if I am missing anything. Key here is to have MAGI below $113,700
1040 Line 8b Tax Exempt Interest $7277
1040 Line 22 Total Income $121,328
Dependent DD's W2 Income $291.20
Deducations as follow:
1040 Line 25 HSA Deduction $6750
1040 Line 27 Deductible part of Self Employment Tax $742
1040 Line 29 Self Employed Health Insurance Deduction $9755
1040 Line 34 Tuition and Fees $2500 I took some courses
1040 Line 37 AGI $101,581
1040 Line 48 Foreign Tax Credit $204
1040 Line 50 and Line 69 AOTC for DD $2500
1040 Line 52 Child Tax Credit $2000
400% FPL for family of five for Obamacare Subsidy $113,700
I calculated MAGI as follow:
AGI + Tax Exempt Interest + DD's W2 Income = 101,581 + 7277 + 291.20 = 109,149.2
Please let me know if I am missing anything. Key here is to have MAGI below $113,700