General Discussion

kitp

(188 posts)

12. Thanks

Mon Nov 4, 2013, 01:22 PM

Nov 2013

I will have to find out exactly which of my retirement funds will be considered income.
I knew about the 16K break point. If I can reach that, my insurance is very reasonable, if I'm below it it goes WAY up from what I'm getting now on the open market.

Thanks for the info...

Some of it is confusing though. Every penny that went in to the annuity came from earned income that was taxed as income. All of the interest it has earned has been taxed as well. When I draw money out, its not a "benefit", its a withdrawal. I'm not sure I understand the comparison to a life insurance policy.

Some of my retirement money is tax-deferred and so will definitely be treated as taxable income when I liquidate it.

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Trying to understand the ACA income reporting procedure [View all] BlueStreak Nov 2013 OP

I would estimate your income on the low end. Travis_0004 Nov 2013 #1

The premium subsidy and cost-saving subsidy (if any), are figured from the income amount you put in Yo_Mama Nov 2013 #2

The difference between silver and gold is because 'cost-sharing' subsidies are only for silver plans PoliticAverse Nov 2013 #3

OK. That makes sense, but how can you recapture deductible? BlueStreak Nov 2013 #4

As I understand it the IRS cannot recapture the cost-sharing subsidy PoliticAverse Nov 2013 #5

That makes some sense, but illustrates just how poorly this law was conceived. BlueStreak Nov 2013 #8

There is a provision in the ACA to partially reimburse an insurance company if their payouts exceed PoliticAverse Nov 2013 #9

I retired at age 62, does SS count as income? B Calm Nov 2013 #6

Yes, the subsidy is based on "Modified Adjusted Gross Income" which includes Social Security... PoliticAverse Nov 2013 #7

Q about "income" kitp Nov 2013 #10

You aren't taxed twice BlueStreak Nov 2013 #11

Thanks kitp Nov 2013 #12

I'm not an expert, so don't rely on anything I say BlueStreak Nov 2013 #13

Thanks kitp Nov 2013 #14