Does ObamaCare Count Source of Income?
I have reported to the Marketplace that I will make approx. 25k this year due to English teaching and rent from Investment properties. The income is on track to be correct but the source may be a bit different from what I have reported. As an English teacher, the money comes from a variety of sources. When filing my tax return next year, will Obama Care compare only the “amount” of income filed, or the “source” of the income as well?
ObamaCare counts income that counts as household income, that is your Modified Adjusted Gross income (MAGI) and the AGI of dependents. If you are unsure of what you will make consider taking only a partial tax credit up front. Be aware that if your employer offers coverage it may prevent you from getting cost assistance, anyone with access to an affordable employer plan can't get cost assistance including family members.