Mock tax form, where to locate MAGI total for ACA subsidy

[fh2000]

I am doing a mock tax return using TurboTax from 2016. I removed all payroll income, and added Roth conversion number. In my assumption, the only number to add to Federal AGI to generate ACA MAGI total, is my tax-exempt Muni bond interest.

I can find Fed AGI number from tax form, line 37.

Where is the MAGI total for ACA? Do I do a manual calculation to find that total ? And how does IRS find that total on my return?

 

[RunningBum]

Form 8962

 

[fh2000]

Form 8962

Thanks. I have more to learn on this. Looks like I will need to sign up on Covered California for ACA in order to receive Form 1095-A. Enter the data received into TurboTax to generate Form 8962.

Without the actual Form 1095-A, I can only estimate the MAGI total.

 

[cathy63]

Thanks. I have more to learn on this. Looks like I will need to sign up on Covered California for ACA in order to receive Form 1095-A. Enter the data received into TurboTax to generate Form 8962.

Without the actual Form 1095-A, I can only estimate the MAGI total.

If you sign up on Covered CA now, then you will be enrolling for 2018, and you will receive a 1095-A in early 2019.

I assume you are trying to do a mock 2018 return in order to get an income estimate that you can enter during the Covered CA enrollment so you can get insurance in 2018? If that's the case, then you will need to go through the TTax healthcare screens in the 2016 program you have and pretend that you got a 1095-A for 2016.

You can approximate what the numbers will be by using the Covered CA website Shop and Compare tool. To find it, go to coveredca.com and then select Get Coverage and choose Shop and Compare in the right-hand column. Enter info about your household including your ages, then just put a large-ish number for income. I use something like $100K. Choose the plan you'd like to get and note the premium price. Then look for the SLCSP (second lowest cost silver plan) and note the price for that one. These are the numbers you need for the mock 1095-A.

 

[sengsational]

You need the 1095-A to complete Part II of the form, but that's not germane to your original question. All that does is reconcile the premium tax credit you were getting during the year with the estimate of your income that was part of the application process.

Part I, Line 2a has the modified AGI that you asked about in your original post. It would seem to me that if you answered all of the questions in the interview, line 3 on the 8962 is what you're looking for.

I presume you're doing a last-minute 2017 transaction that will affect your PTC? At this point in the year, why not just buy and download the 2017 TT software and have the latest values, including the slightly higher FPLs?

 

[kaneohe]

Modified Adjusted Gross Income under the Affordable Care Act | Center for Labor Research and Education

This seems to be the standard reference link. It is written in terms of the tax line item AGI and then adds certain items and subtracts others. The most common adder is your tax exempt income. If you are getting SS, you add back the non-taxed part of SS.

 

[fh2000]

I assume you are trying to do a mock 2018 return in order to get an income estimate that you can enter during the Covered CA enrollment so you can get insurance in 2018? If that's the case, then you will need to go through the TTax healthcare screens in the 2016 program you have and pretend that you got a 1095-A for 2016.

You can approximate what the numbers will be by using the Covered CA website Shop and Compare tool. To find it, go to coveredca.com and then select Get Coverage and choose Shop and Compare in the right-hand column. Enter info about your household including your ages, then just put a large-ish number for income. I use something like $100K. Choose the plan you'd like to get and note the premium price. Then look for the SLCSP (second lowest cost silver plan) and note the price for that one. These are the numbers you need for the mock 1095-A.

Thanks for the reply, Cathy.
I am planning for the 2019 insurance. I have one more year to learn how to do all these.