Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I did try to do a search but not coming up with the info I need. My DH is a consultant and last 2 years has made just about what the cutoff is for a family of 2 to earn to get subsidy. This year he is done working and earned less than half that amount. Do I contact them now to get a change in monthly amount? If not, do I get this back on taxes? And if so, how does this affect the fact that we're self employed and take the cost of insurance off of taxes. Confused. Thank you.
What I have learned is that if your income changes during the year, you need to go in and update it as soon as you can. They will adjust the subsidy then. If you wait, you will still probably get it on you're taxes though. If you're earning less than estimated, it will be in your favor at tax time. If you're earning more, you could end up paying back some of the subsidy you received. That happened to us. It worked out though. That's why they keep telling you to update it if there is a change. You can change it online or call. For us, each time we did it online, we had to re-do the whole application to get to the part that changed. It's annoying after going through it a hundred times.
The self-employed taxes thing is a little more complicated.
Thank you. Last year on our taxes we took off the payment for our health insurance so our AGI was substantially lowered. But, that only had to do with income taxes. I can't seem to get the info I need. Even if I don't subtract it our income will fall within the limits to get a subsidy.
Are you saying you may be entitled to a larger subsidy than you are currently receiving? If so, yes, when you file your taxes in 2018 you will get the difference between the two amounts back as a refund.
Yes, if my husband no longer works we will be considerably under the income threshold.
My other question had to do with taking off the insurance cost if self employed. If I don't know how much the subsidy will be, then I wouldn't know how much to deduct on the 1040. And do I still get to deduct the cost?
It is a complicated question, one even the IRS says requires multiple steps to figure out. Check with your accountant at the end of the year. Until then update your income to the marketplace.
Yes, if my husband no longer works we will be considerably under the income threshold.
My other question had to do with taking off the insurance cost if self employed. If I don't know how much the subsidy will be, then I wouldn't know how much to deduct on the 1040. And do I still get to deduct the cost?
Yes, but not what you receive in subsidy payment! I pay about $75/month and have been able to claim that as SE health insurance. I use taxact to figure my taxes. It calculates all of that for me automatically.
I just spoke to an insurance agent who has me very upset. She said I don't currently have an application with healthcare.gov because I didn't think we'd qualify for a subsidy. Now that we do we have to fill out a NEW application. I can't get an adjustment for Jan-August??? That's not what we were told. It's a marketplace ACA plan I'm on, the same I'll choose when I go on the healthcare.gov site.
Someone kindly assist here as I'm upset and frustrated
Even though I don't qualify for subsidies, I do have an application with marketplace because it is a marketplace plan. To get a marketplace plan, you have to fill out an application. If you don't have an application on file, you might not be able to do anything until open enrollment. A lot of these plans have both an on exchange and an off exchange variant. You should call marketplace directly. You can also log into your marketplace account. If you go into the application, there is an option to add a life changing event. You can adjust your income.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
