Interesting notes for my self-employed musician buddies regarding signing up for the Affordable Care Act on Wahealthplanfinder.org (probably applies nationwide too but Im not sure): They ask for your gross income, which of course makes no sense for self-employed people. I finally got through to someone on the phone and what she said was take my adjusted gross income from last year (line 37 on the 1040 form) and divide that by 12 and enter that number as my monthly income. The self-employment tax was line 56 divided by 12. I definitely got the feeling the kind lady who helped me hadnt helped many self-employed people and she didnt instill me with a lot of confidence that she wasnt just sort of guessing on these answers. Its one giant learning experience for all of us though and frankly, for a major adjustment to a sector that is almost 1/5 of our economy, I think all of this is probably par for the course.
Posted on: Thu, 07 Nov 2013 22:35:21 +0000