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Financial Planning / Tax Strategies
|Subject: Re: Obamacare premium credits & 1040?||Date: 9/23/2013 9:37 AM|
|Author: Patzer||Number: 119194 of 122998|
I would like to ask exactly which line of Form 1040 shows the Modified Adjusted Gross Income for the ACA premium credit eligibility.
There is no line that shows Modified Adjusted Gross Income on a tax return.
Instead, we start with Adjusted Gross Income (AGI) which IS on your tax return. On your 2012 1040, it is line 37 or 38 . . .
So take line 37, add in excluded foreign income, the non-taxable portion of your social security benefits, and tax exempt interest.
Tax exempt interest is line 8b. Non-taxable social security benefits would be the difference between line 20a and line 20b. I don't know where you'd find excluded foreign income, but I suspect people who have that will know. There's always the chance that these line numbers will change in future tax years, but the income line numbers have been stable for quite a while.
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