Connect for Health Colorado requires your estimated household income for the current or upcoming calendar year depending on the timing. Assets, such as property, are not included in your income calculation.
Your household income determines your eligibility for advance tax credits that reduce your monthly health insurance premiums. Your household income is your modified adjusted gross income (MAGI) (joint MAGI if you’re married), plus the MAGI of your dependents who make enough money to have to file a tax return.
The fastest way to determine estimated household income for next year is to look at your adjusted gross income (AGI) for a previous tax year. To find your AGI, look at line 37 on your most recent federal 1040 tax form. Please note that couples MUST file jointly to qualify for tax credits.
MAGI is generally your Adjusted Gross Income (AGI) plus any tax-exempt Social Security benefits (except for Supplemental Security Income (SSI), which is not counted), tax-exempt interest, and tax-exempt foreign income.
For more detailed information on reporting your income, see these documents:
Our Agents are certified by Connect for Health Colorado and can help you apply for any tax credits your eligible for and select a private insurance carrier and plan. Get a free quote today and we’ll be happy to answer all your questions.