Throw a Dart
Predict Future Income - Not the Past
If you are applying for subsidies to lower your premiums in the year 2023, simply Predict/Estimate your total house hold Gross income for the year 2023.
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Do NOT look at previous taxes to predict future income unless your past income reflects your predicted future income in 2023.
Explain your Prediction/Estimate
Example - If Predicting a $88,000 total household gross income (MAGI) for 2023. Tell me how you arrived at that number:
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Bob - $3,000 month Salary Job
Bob - $10,000 annual 1099 Self Employment
Sally - $1,500 month Social Security
Sally - $2,000 month Investment income.
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Total = $88,000 Predicted/Estimated Total Gross Income
Reconciling Taxes
When you file your 2023 1040, the IRS will compare what you Predicted for your total house hold gross income (MAGI) , to what you filed on your taxes.
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If you Predicted too low and received more subsidies than you were entitled to, they will recover the difference allowed.
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If you Predicted too high and received less subsidies than you were entitled to,
they will give you an instant tax credit.
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Simply do your best to Predict/Estimate your income as accurately as possible. We can always make adjustments throughout the year if things change.
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