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kitp

(188 posts)

14. Thanks

Reply to BlueStreak (Reply #13)

Mon Nov 4, 2013, 01:57 PM

Nov 2013

Yes, this is probably what I'm going to do, liquidate those assets I know will be income, declare and pay taxes on it, and qualify for the subsidies.
Thanks for the feedback.

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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