Should I Take Into Account my Standard Deduction ($12,400) and other Deductions When Entering my Income on my State Healthcare Insurance Marketplace?

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As you probably know, they use income info to determine the aid they’ll give you for your monthly health insurance payments. I’m a self-employed person – independent contractor – and I take a number of deductions on my taxes (meals, travel, internet expenses, and so on), and I also take the standard deduction (I believe it’s $12,400 this year) for single people.

So, say I make $50,000 a year before taxes, before deductions, etc. Say I’m only incorporating the standard deduction just for the purposes of this discussion. On the “How much income will you earn” section of the State Health Marketplace website, would I therefore enter $37,600?

Thanks for your help.

submitted by /u/trevathan750834
[link] [comments]
As you probably know, they use income info to determine the aid they’ll give you for your monthly health insurance payments. I’m a self-employed person – independent contractor – and I take a number of deductions on my taxes (meals, travel, internet expenses, and so on), and I also take the standard deduction (I believe it’s $12,400 this year) for single people. So, say I make $50,000 a year before taxes, before deductions, etc. Say I’m only incorporating the standard deduction just for the purposes of this discussion. On the “How much income will you earn” section of the State Health Marketplace website, would I therefore enter $37,600? Thanks for your help.
submitted by /u/trevathan750834 [link] [comments]Read Morer/HealthInsurance

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