Join Early Retirement Today
Thread Tools Search this Thread Display Modes
ACA: ?Submitting income documents
Old 12-06-2015, 01:09 PM   #1
Thinks s/he gets paid by the post
Join Date: Sep 2012
Location: Seattle
Posts: 2,296
ACA: ?Submitting income documents

For those of you who are having to submit proof of 2016 income (or did this in 2015) in order to get cost sharing plans or up front subsidies, I have a couple of questions.

I made an Excel spreadsheet showing our monthly income from various taxable accounts (interest, cap gains, and dividends) along with a planned distribution from a traditional IRA. I segmented this money into monthly amounts and annual totals to make it easier for them to see we have monthly income. I did not make any mention of the fact that the IRA distribution will actually be converted to a Roth since this makes no difference on a MAGI calculation.

Ok, so here are my questions:

Did you submit actual financial documents such as monthly statements from your broker or bank?

Did you redact any of this information (like account numbers) out of security concerns considering the entity where you are sending the documents?

Fermion is online now   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 12-06-2015, 01:45 PM   #2
Recycles dryer sheets
Theseus's Avatar
Join Date: Aug 2013
Posts: 484
I went though some frustrations with submitting the requested info, what seemed to finally put a stop to nearly daily warnings about needing to substantiate my income estimate included some statements and reports generated from financial intuitions, along with our 2014 Form 1040, and some 2014 1099's. I'm not really sure if all that was needed, because with the last update I uploaded as a pdf on I also included the page from the notices that says "If your Eligibility Results say that you need to send more information, please also include a copy of this bar code page" which might have been the key. I can imagine they receive a huge quantity of submissions, and therefore not spending much time trying to match up submissions that didn't include that.

I looked the forms over before submitting and didn't see anything that I felt might compromise accounts, but I was uneasy about the Form 1040 (it was something specifically requested) including SS#, I considered redacting that but could also imagine doing so being cause for another "not enough verifiable info" snap judgement so I left it intact. Besides, the "where you are sending the documents" already has enough personally identifying information about me to know pretty much everything anyway.

Theseus is offline   Reply With Quote
Old 12-06-2015, 01:59 PM   #3
Thinks s/he gets paid by the post
Join Date: Sep 2012
Location: Seattle
Posts: 2,296
I am not sending our 2014 tax return no matter what. That is private information that even politicians mostly refuse to reveal in a timely manner. I don't see how showing them we had very high income in 2014 would help matters anyway.
Fermion is online now   Reply With Quote
Old 12-06-2015, 02:28 PM   #4
Thinks s/he gets paid by the post
sengsational's Avatar
Join Date: Oct 2010
Posts: 2,836
In January and February of 2015, I made a PDF of several documents* and submitted it electronically 2 or 3 times, but they just kept sending me the warnings. Finally I printed the same PDF and mailed it with the bar code, and the warnings stopped. It did contain a preliminary 1040 for 2014 taxes. They already had most of the information on the form...they just got to see the magnitude of my Roth conversion and my dribs and drabs of interest and dividends. That's no where near as invasive as financial aid!

* Last pay stub (which said it was final and only had vacation), and a letter they sent to me about COBRA, and a preliminary 1040.
sengsational is offline   Reply With Quote
Old 12-06-2015, 08:13 PM   #5
Thinks s/he gets paid by the post
Helen's Avatar
Join Date: Oct 2004
Location: Portland
Posts: 1,291
Originally Posted by sengsational View Post
In January and February of 2015, I made a PDF of several documents* and submitted it electronically 2 or 3 times, but they just kept sending me the warnings. Finally I printed the same PDF and mailed it with the bar code, and the warnings stopped.
I wish they had told me this when I called them. I called them two times and talked to two different people. I don't think they knew what a 1099 was or understood much about the subsidy.

What is weird is when the Feds notified Kaiser that they would not be prepaying the subsidy, Kaiser raised our premiums payment but then flagged both my spouse and I as not being insured - all the while accepting our payments.

I will be very happy to get back on my Federal BCBS once I start collecting my pension in 1.5 years.
Helen is offline   Reply With Quote
Old 12-06-2015, 08:29 PM   #6
Thinks s/he gets paid by the post
Join Date: Nov 2009
Posts: 3,128
My experiences with submitting documents relating to the federal subsidy are strange.

Back in early 2014, I tried to send various income documents, mainly the 1099s and annual statements from my main brokerage house whose mutual funds generate most of my income. They were repeatedly rejected as "insufficient proof of income" but after I while I stopped trying to satisfy their (i.e. NY Marketplace's) request because I wasn't interested in obtaining an advanced premium subsidy (it would be very small, maybe $20 per month). After a phone call or two to a Marketplace rep, my only concern was that I might lose eligibility for any federal subsidy (which was untrue). So after a while they stopped asking me for documents and at the end of 2014 I field for the full subsidy as a tax credit, offsetting some of the taxes I owed which was fine.

I stayed with the same IC in 2015 so I didn't have to re-enroll. I again ignored any request for income documents and I will do the same thing for my upcoming 2015 federal IT return.

But I am changing insurance companies for 2016 so I had to go through the enrollment process again. Somehow, not only did I qualify for an advanced premium subsidy for 2016 (without being asked for or supplying any income verification documents) the IC is applying that advanced subsidy to my monthly premium. My only concern is if the IC doesn't receive said advanced payment and then claims my own payment is insufficient. An IC rep told me if that happens, they will simply bill me a higher amount in February to make up for any shortfall.

Go figure, they first ask me for documents I can't seem to give them for an advanced payment I don't want. Then, they don't ask me for documents and do give an advanced subsidy I wasn't interested in but will take. Confused?

Retired in late 2008 at age 45. Cashed in company stock, bought a lot of shares in a big bond fund and am living nicely off its dividends. IRA, SS, and a pension await me at age 60 and later. No kids, no debts.

"I want my money working for me instead of me working for my money!"
scrabbler1 is offline   Reply With Quote

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
Documents for Paid-Off Mortgage? SarahW FIRE and Money 44 06-08-2009 12:01 PM
Cost of legal Documents mickeyd Other topics 12 12-19-2006 07:07 PM
Keeping old documents Michael Moore FIRE and Money 17 06-11-2006 02:00 PM
How long, to hang onto home purchase documents Sundance Kid Other topics 15 01-13-2006 11:06 AM


All times are GMT -6. The time now is 07:05 AM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2016, vBulletin Solutions, Inc.