What is Modified Adjusted Gross Income (MAGI)?

Your Modified Adjusted Gross Income (MAGI) is used to determine the level of subsidy you will receive with Obamacare.  The MAGI for Obamacare takes into account all household incomes (adults and children).  You MAGI is calculated by totaling your household income, subtracting certain deductions allowable by the IRS.  It can be found by:

 

• Form 1040:  Totaling Line 37 + Line 8b on your prior year Tax Return (Form 1040)
• Form 1040 EZ: Line 4
• Form 1040A: Line 21

 

This will help you determine your MAGI, however the final calculation of the MAGI will be determined by the Federal Exchange.

 

Not sure how this will impact your subsidy?  Still confused about which carrier will make the most sense for you?  We are here to help you.  Our enrollment process is lightning fast (5 minutes)!  We use software that ties into the back end of Healthcare.gov.  What does that mean for you?  It means you don’t have to:

 

• Spend 45-60 minutes enrolling on Healthcare.gov
• Verify your account via email
• Avoid waiting “in line” when there is lots of traffic

 

If you want our help, it’s no additional cost to you.  We can help you avoid the pitfalls of choosing the wrong plan.  Networks, subsidies, cost share reductions are VERY important factors to review before selecting the plan you will have for all of next year.  Just click below to allow us to assist you!

 

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