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12-04-2013, 01:59 PM
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#1
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Full time employment: Posting here.
Join Date: Aug 2005
Posts: 945
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Calculating for MAGI
Michael posted a link earlier for what was included and not included in establishing your MAGI for ACA purposes. I can not find that link now (I thought I had it bookmarked) As I recall, it did not go into deductions so much in any detail. What I am wondering is, if you have a capital loss on your books of which you can deduct $3,000 per year against any capital gains or dividends or interest, will this $3,000 deduction be allowed in arriving at your MAGI for ACA purposes?
I did discuss it with my accountant, and he is not sure, as he says there are many MAGI calculations, and they differ, and he assumes the new ACA will have it's own. So, first I am asking Michael to provide that link again, and secondly, does anyone know whether the $3,000 capital loss can be utilized against the interest or dividend income?
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12-04-2013, 02:10 PM
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#3
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,375
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For most people O-MAGI is tax return AGI + tax-free income (like muni bond income) + non-taxable SS. Your $3,000 tax loss utilized would be included in Obamacare MAGI since it is included in tax return AGI and there is no explicit adjustment to reverse it.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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12-04-2013, 03:20 PM
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#4
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Full time employment: Posting here.
Join Date: Aug 2005
Posts: 945
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Thank you. I thought it would remain the same, but was not sure. I knew they were counting tax-exempt income. I am also assuming they are not counting income in your Roth Ira.
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12-04-2013, 07:42 PM
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#5
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,375
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Quote:
Originally Posted by modhatter
Thank you. I thought it would remain the same, but was not sure. I knew they were counting tax-exempt income. I am also assuming they are not counting income in your Roth Ira.
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Yes, income in your Roth is excluded since there isn't a specified adjustment to include it (like there is for muni interest)
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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12-20-2013, 08:25 AM
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#6
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Thinks s/he gets paid by the post
Join Date: Feb 2007
Posts: 3,681
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__________________
Married, both 69. DH retired June, 2010. I have a pleasant little part time job.
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12-20-2013, 11:32 AM
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#7
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,375
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I like the format. Only thing that is missing would be exempt earned foreign income but that is rare - I'm a bit surprised they don't even mention it though.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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