Interesting...and I think you have hit the nail on the head. I don't know my MAGI because TT just reveals my AGI. My husband had a stroke and gets $28,446 disability. If you add that total amount of disability to my total W2's...yes, our total income is about $53,900. But of course...our taxable AGI is $28822 because most of the disability is not taxable.Anita, how are you defining MAGI? MAGI is your income BEFORE you subtract your standard deduction amount.
The reason I ask.... I took the time to create a "pretend" income tax return using online TurboTax. I was trying to mimic what you have done using the exact tool you are using. I plugged in the numbers from your 1095-A. I plugged in straight W-2 income to achieve my MAGI since I don't really know what your income sources are, but that shouldn't matter to calculate the impact of ACA subsidies on the taxes.
What I found is that in order to get the return to show I owed about $1600 due to an ACA adjustment, I had to enter MAGI income of $53,922. If I enter MAGI income of $28892, I don't see any increase in my taxes due to ACA subsidies.
By any chance is the full income between you and your spouse actually something like $53,922 and you are thinking that your MAGI is $53,922 - $25,100 (your standard deduction) = $28,822?
MAGI would actually be $53,922. MAGI is not the same thing as Taxable Income.
Do you think that the total disability income is computed as MAGI? From what I have read only the taxable income from SSDA is counted towards AGI?
Let me give you one more bit of info. I just entered all of my data into TaxAct and it computed I owed the IRS back $422. Again...don't know how the hell this was computed but it's way off from TT. Weird...huh?
Thanks for your insight. I will do some more reading how MAGI is calculated but TT and TaxAct can't even agree.