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Calculating Income for ACA Premium Tax Credits
Health Reform: Beyond the Basics Link to more items from this source
[Guidance Overview]
Oct. 8, 2013

"What income counts for premium tax credits? Eligibility for premium tax credits (and for CHIP and for most people in Medicaid) is based on 'Modified Adjusted Gross Income' usually referred to as MAGI. MAGI is adjusted gross income (AGI) determined in the same way as for income taxes plus three types of income that are not included in AGI: excluded foreign income, tax-exempt interest, and the non-taxable portion of Social Security benefits. The reference to the non-taxable portion of Social Security benefits in yesterday's question is confusing. What's the bottom line on how Social Security benefits are counted? The bottom line is that Social Security benefits received by the tax filer and his or her spouse filing jointly are counted. Some Social Security benefits may be in AGI for people who have other income. The modification to AGI to get to MAGI adds in any Social Security benefits that have not already been included in AGI. Stay tuned for more on Social Security benefits received by dependents. What if a child claimed as a dependent receives Social Security benefits? Are those counted as part of MAGI?"

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