SECTION 317:35-6-54. Determination of current monthly amount of adjustments to income

Latest version.

(a) Expenses or losses that qualify as deductions for MAGI according to OAC 317:35-6-52 are totaled to reach an annual amount. The annual amount is then divided by 12 and subtracted from gross monthly income to calculate the household's current monthly MAGI.
(b) Whether a deduction is allowed when it has already been paid or when it has only been incurred is determined in accordance with Section 36B of the Internal Revenue Code.

[Source: Added at 30 Ok Reg 1209, eff 7-1-13]

                    
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