Covered California income reporting, calculated annual income, and projected annual income
After entering my income sources, the calculated annual income that the website came up with was too low. I tried increasing the income sources so the calculated number came out correct but this didn’t work. I even tried re-adding income sources, and then realized that I can’t delete prior entrys…
I finally figured out that I can manually enter my projected annual income. So the specific income sources I have entered in the application don’t match the projected annual income I am using for my tax credit. The projected annual income I am using for my tax credit reflects my actual annual income, but the specific income sources I have entered are inaccurate (some of the income amounts are too high, and there are duplicate entries. It looks messy and is aggravating my OCD).
My understanding is that if my projected annual income number is accurate (within ~10% of what I actually end up making), and this is the number being used to determine my tax credit, then everything is okay. I am understanding this correctly? Is there any cause for concern over a mismatch between my income sources and the projected annual income I entered manually for my tax credit determination?
The application went through fine and my coverage is awaiting payment confirmation from the carrier.