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healthcare marketplace income

Forum|Forum|5 years ago
March 14, 2021
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I work one full time job and a part time job as a contractor, self-employed. I have 2 full time college kids that work during the summer. The kids file their own taxes. If I am claiming them as dependents, do I also have to claim what they make on my taxes?

Also, when trying to determine what my income is for the healthcare market place out of all that 'income' listed above what do I use to calculate my income? The kids will not on the policy.

Best answer by DaveF1006

It depends. The answer to your first question is no. You do not need to file their taxes on your return. If they file their own return, they will need to mark that they are a dependent of someone else in the MY INFO section of their return.

The second question is rather confusing to me. I think you are asking what to report as an income estimation for the year. If this is the case, then Healthcare.gov stipulates:

Marketplace savings are based on your expected household income for the year you want coverage, not last year’s income.
Income is counted for you, your spouse, and everyone you'll claim as a tax dependent on your federal tax return (if the dependents are required to file). Include their income even if they don’t need health coverage. See details on who to include in your household. This includes both of your kids.

DaveF1006Answer

It depends. The answer to your first question is no. You do not need to file their taxes on your return. If they file their own return, they will need to mark that they are a dependent of someone else in the MY INFO section of their return.

The second question is rather confusing to me. I think you are asking what to report as an income estimation for the year. If this is the case, then Healthcare.gov stipulates:

Marketplace savings are based on your expected household income for the year you want coverage, not last year’s income.
Income is counted for you, your spouse, and everyone you'll claim as a tax dependent on your federal tax return (if the dependents are required to file). Include their income even if they don’t need health coverage. See details on who to include in your household. This includes both of your kids.

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