Tuesday, October 29, 2013

Estimating Your Income

When you apply for lower costs in the Marketplace, you’ll need to estimate your income for 2014.

You can start by adding up the following items for:
  • You and your spouse, if you are married and will file a joint tax return 
  • Any dependents who make enough money to be required to file a tax return 

For each of the following sources, estimate what your income will be in 2014:
  • Wages 
  • Salaries 
  • Tips 
  • Net income from any self-employment or business (generally the amount of money you take in from your business minus your business expenses) 
  • Unemployment compensation 
  • Social Security payments, including disability payments--but not Supplemental Security Income (SSI) 
  • Alimony 
Other items to include when estimating your 2014 income are: retirement income, investment income, pension income, rental income, and other taxable income such as prizes, awards, and gambling winnings.

DON’T include the following: 
  • Child support 
  • Gifts 
  • Supplemental Security Income (SSI) 
  • Veterans’ disability payments 
  • Workers’ compensation 
For more information on reporting your income, see IRS Publication 525.


More information is available on our website at www.CreeekstoneBenefits.com


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