Calculate Past Income and Expenses/Deductions

Use this form to help you calculate the amount of your past income and expenses or deductions. This amount can be entered in your Financial Assistance application to help get a better idea of your projected MAGI for the coverage year. Only enter information below for past jobs, self-employments, other income, or expenses/deductions you have for the coverage year for which you are applying. Do not include any income or expenses/deductions that are ongoing or that you are currently counting.

  • Past Income

  • Note: that pre-tax contributions to dependent care accounts, health insurance premiums, flexible spending accounts, retirement accounts and commuter expenses are NOT included as income
  • SSDI is included here. SSI income is not included here. If you are receiving SSI, you are automatically eligible for Medicaid in the state of Colorado. You also do not need to include any veterans disability benefits you may receive.
  • Past Expenses/Deductions

  • Most deductions for self-employed business expenses are included in net income (the profit once business expenses are paid) but additional deductions can be taken for the deductible part of self-employment tax, self-employed SEP, SIMPLE, and qualified plans, and self-employed health insurance deductions. For additional information see IRS Publication 334, Tax Guide for Small Business.
  • Households may be able to deduct a portion of the interest they expect to pay on a qualified student loan. Box 1 of the 1098-E Form shows the interest paid for the prior year, which may be helpful in projecting student loan interest that will be paid during the year. Note: IRS deduction limits may be applied to the amounts you entered. The maximum amount you may include for this deduction is $2,500 annually.
  • Note: IRS deduction limits may be applied to the amounts you entered. The maximum amount you may include for this deduction is $6,500 annually.
  • Note: IRS deduction limits may be applied to the amounts you entered. The maximum amount you may include for this deduction is $3,000 annually.