Tax Credit Marketplace

[florida2001]

hi,
how to figure out income on marketplace? when asking for tax credit the question is, what is the predicted income for 2022? what shuld I declare if my income varies every year. My income is based on investments. Also if I shuld use tax return from the most recent tax return year what numbers from tax return shuld I use ? adjusted gross income or taxable income? this part is so confusing and I do not want to get into problems.

 

[Yagents]

hi,
how to figure out income on marketplace? when asking for tax credit the question is, what is the predicted income for 2022? what shuld I declare if my income varies every year. My income is based on investments. Also if I shuld use tax return from the most recent tax return year what numbers from tax return shuld I use ? adjusted gross income or taxable income? this part is so confusing and I do not want to get into problems.

You have to guesstimate your 2022 income. You want to use AGI. Use this link to figure out tax credits. Then after guessing income, you will reconcile at end of tax year, and owe back if income higher then guesstimate,, or get refund if income lower.

https://www.kff.org/interactive/subsidy-calculator/

 

[florida2001]

thank you!

what happens if I estimated my 2021 income lower than what I had. we just filed 2021 taxes what shuld I expect?

 

[Yagents]

thank you!

what happens if I estimated my 2021 income lower than what I had. we just filed 2021 taxes what shuld I expect?

You will owe back about 10% of the additional income above what you projected. But, you may not owe money due to a ARPA law that gave you more tax credits retro to Jan 1st.

It complicated, its obamacare.

 

[Yagents]

thank you!

what happens if I estimated my 2021 income lower than what I had. we just filed 2021 taxes what shuld I expect?

I sent you a private message