What income should I include on my application for financial assistance?

The income you report on your application is called your Modified Adjusted Gross Income (MAGI). In general, it is your estimated adjusted gross income (the income you report when you file your federal taxes) plus any tax-exempt Social Security, interest, or foreign income you estimate you will have for the year in which you are applying. Remember to report income changes of more than 10 percent to Connect for Health Colorado to avoid any penalties. If can’t estimate your income or you don’t want to fill out the financial assistance application, you have the option of buying health insurance without applying for financial assistance and, if eligible, claiming the lump sum of the tax credit when you file your federal taxes. Information about how to file taxes, including what incomes and allowances should be included, can be found at IRS.gov. You can use the following tools to better understand how income will be calculated. Calculate MAGI Using Last Year’s Tax Return or Calculate MAGI without Last Year’s Tax Return For the most accurate calculation, be sure to include income from all household members, including dependents with income.

Related FAQs:
Am I eligible for subsidies (financial assistance) to help pay for health insurance?
When do I report changes to Connect for Health Colorado?
Are there certain documents or information I need to fill out an application, and how do I submit them?
Who should I include on my application for financial assistance?