ACA estimated income for 2020

[BoodaGazelle]

Hello all,


Yesterday, DW and I signed up for our 2020 ACA plan. Our income missed the cut-off to get the Silver plan, so we have Bronze for this year.


I need to upload my documents, especially the one that "prove income". Last year I simply wrote up an explanation of how much dividend income I would have, plus a small annuity and pension, plus my wife's W2 income.


This coming year, we will not have the wife's W2, but she has applied for her Soc. Sec., which will not start until Feb.


I can write this up and *explain* it, but it is hard to *prove* it. I do not have my 2019 tax forms from Fidelity..... should I use 2018?


And for the Soc. Sec., I have the SSA estimate for my wife's amount, which is very close to what they told her at the office. But we have nothing official to send (yet).


I assume others here have already started to deal with this *proof of income*, and I would like to hear how you handled it.


Thanks,


Bood

[bobandsherry]

I just wrote up a "letter of explanation", noted my estimated dividends and interest. Also noted as being retired and without and earned income. Short and sweet, to the point. No issue.

[cathy63]

The deadline our state's exchange gave for 2019 proof of income was March 30, so I just did the 2018 taxes by then and uploaded the same return I was sending to the Feds. They accepted that, but I wasn't claiming that our income would be substantially different this year than last year.

Assuming you have a similar deadline, you can wait until you get your 2019 tax docs from Fidelity and use those. Presumably you'll also have more info from SS by then as well.

[pb4uski]

I think I would upload a explanatory letter with a table with columns for 2018, estimated 2019 and estimated 2020 along with notes explaining any significant changes.

The dividends reported on your 2017 tax return would be support for your 2019 estimate of dividends (I assume that 2019 estimate is rought the same as actual 2017).

For 2019, you'll show no W-2 earnings and explain that she retired and you'll show 10 months of SS... for SS you could print out a SS statement as support.

[swakyaby]

Since my income fluctuated greatly these recent years as I transitioned into retirement, I downloaded their affidavit form, estimated my total income for 2019, and electronically signed it. There is a comment section, so I stated that while my 2018 1040 tax statement is available, it does not accurately reflect my income for 2019. I asked the ACA enrolled agent if this was the correct way to answer the “proof of income” section, and he agreed it was the correct way.