Moshkito

Mosvalve

clintmartin
...but they said it would all be so much better and cheaper.

They meant for them not us

I disagree. Having helped mom in her office with many returns for many years, the one thing I will say is ... how STUPID many people are, instead of smart with their money. It's not about a "financial" this or that, or anything ... it's about someone that knows the TAX LAW, and has to take exams YEARLY to stay up on these things, so they can do their work properly.
 
Cheaper and supposedly better is a joke in the money business! It translates to ... you're a loser! And NONE of us want that!

I believe they're talking about the current healthcare system and not finances specifically Pedro.

Mosvalve

clintmartin
...but they said it would all be so much better and cheaper.

They meant for them not us

They also meant for me.
 
Not just cheaper, but significantly cheaper. And better.
 
And I'm not even getting the tax credit subsidies or anything.
 
But from what I can tell from others' stories, it seems to depend on where you live and how many and what kind of insurers there are in your area vs. your health care providers and needs.

craigb

Moshkito

Mosvalve

clintmartin
...but they said it would all be so much better and cheaper.

They meant for them not us

I disagree. Having helped mom in her office with many returns for many years, the one thing I will say is ... how STUPID many people are, instead of smart with their money. It's not about a "financial" this or that, or anything ... it's about someone that knows the TAX LAW, and has to take exams YEARLY to stay up on these things, so they can do their work properly.
 
Cheaper and supposedly better is a joke in the money business! It translates to ... you're a loser! And NONE of us want that!

I believe they're talking about the current healthcare system and not finances specifically Pedro.

The health care system is another story ... the tax detail that Susan asked about was not quite about the health details. I stuck to the tax information.
 
The whole health thing for me, is too scary for me to even mention it. Just weird and strange and what a trip it has been that I am 65 ... and still here bugging and buffing all of yah! Still have a few benefits, you know the kind ... kick in the butt, cheap quack doctor getting paid, it's never what you feel inside as it's always something else to trap you into diabetes or cancer ... you know the story ...

Moshkito
 


The health care system is another story ... the tax detail that Susan asked about was not quite about the health details. I stuck to the tax information.

                                                                          Susan G
My question is for the purpose of calculating income for health care

 
Seemed like it was exactly that...

jamesg1213

Moshkito
 


The health care system is another story ... the tax detail that Susan asked about was not quite about the health details. I stuck to the tax information.

                                                                          Susan G
My question is for the purpose of calculating income for health care

 
Seemed like it was exactly that...

You can't separate that income in your tax return! And unless you can find another shelter for it, it will be indicated in full! If you had depreciation and other expenses on it, I think you might get around it some, but even then, I think it's a percentage ... can't remember. Trust me, these health care folks KNOW THE LAW better than you or I, and that is the tough issue all around. You're not likely to win, that battle.
 

IBLT - Susan, consult a pro.  If nothing else you'll have a pattern for following years.

BobF
IBLT

*Chortle!* 

sharke
Yep an accountant is worth their weight in gold when dealing with anything tax related. I tried to get by without one for a few years and ended up with thousands of dollars in fines from not filing payroll taxes correctly. Whatever your problem, an accountant can give you peace of mind and potentially save you a lot of money. 
 
I'm not sure that you can't deduct rental income expenses though. Under the heading "See what's included in MAGI" it says "Your Adjusted Gross Income (AGI) on your federal tax return." Your AGI includes net rental income, not gross. 
 
 
 
 

My wife is a CPA. I have actually seen her work move people from paying 30k a year in taxes to getting back 10k, no tricks, nothing illegal, just knowing the tax code. You are correct sir!
 
J

ampfixer
Don't move to Canada. It's worse here. Free health care is a myth and I have to spend $500+ on meds every month. I can get diagnosed for free, I can get surgery for free, but drugs have no free ride. My employer of 30 years just cancelled my drugs, dental, vision and life insurance. In another month they will try and cancel my pension.
 Good luck with your insurance, I can't get any because of my health.

@ John-
Wow. Sorry to hear of your troubles. I hope things improve for you soon. No plans to move to Canada in the near future (but the results of next year’s election might factor in!)

slartabartfast
Actually, I believe the MAGI is based on your Adjusted Gross Income…

@David-
Aha! That sounds much more reasonable and more like what I thought the calculation would be based on.
But…
@Pedro, et. al.-
Thanks for the good advice to consult a professional about this, but I probably can’t afford one this year.
Just to be clear, my rental income has absolutely nothing to do with my self-employment income. The rental property is in Florida and my home and business is in NYS.
 
If I have to report my rental income as part of my Gross Income without being able to deduct expenses for repairs, taxes, depreciation, etc., then I’m screwed. I said in the OP that it would be about twice what I was paying last year, but it would actually be about three times what I was paying monthly and I simply can’t do it.
 
I’ll be eligible for Medicare in September, so if I can limp along until then…
 
I did hire a tax consultant one time back in the ‘80s and vowed I never would again. I’d never before nor since paid so much in one year for taxes (including his fees).
 
I'll do some research on CPAs in the area.
 
Thanks, all—
 
-Susan
 

Susan G
...
@Pedro, et. al.-
Thanks for the good advice to consult a professional about this, but I probably can’t afford one this year.
Just to be clear, my rental income has absolutely nothing to do with my self-employment income. The rental property is in Florida and my home and business is in NYS....

It's still only ONE tax return for the feds and one return for each state (if there were more than one).
 
Generally they go "together" since they both ask questions. AND, not all the states do the same thing on top of it. In general, the numbers, for net/gross income are somewhat the same, unless the state does a different valuation via the deductions and such, but the starting number is usually the one from the Federal Return.
 
Here in Washington, we deal with returns for Feds and Oregon (state).