In December 2013 my wife and I bought a high deductible ($6000/each, $12,700 family) PPO plan on healthcare.gov. We have had private health insurance since 1999. In 2014 we qualified for some subsidy based on what I expected our 2014 income to be.
My mother passed away in 2014 (my father passed away some years ago). After her house was sold her estate was settled and divided among us 4 siblings. Fortunately, we do not have taxes to pay on this income, but I am wondering if this inheritance income is counted for purposes of the ACA subsidy? I have searched the internet and not found the answer. I have also read the following, but it doesn't answer my case either:
http://laborcenter.berkeley.edu/pdf/2013/MAGI_summary13.pdf
If it turns out the unexpected income for 2014 does count then I will have to pay back the 2014 subsidy. Also, maybe it will eliminate the 2015 subsidy if they use 2014 income to calculate it.
Does anyone know about this case? Thank you.
My mother passed away in 2014 (my father passed away some years ago). After her house was sold her estate was settled and divided among us 4 siblings. Fortunately, we do not have taxes to pay on this income, but I am wondering if this inheritance income is counted for purposes of the ACA subsidy? I have searched the internet and not found the answer. I have also read the following, but it doesn't answer my case either:
http://laborcenter.berkeley.edu/pdf/2013/MAGI_summary13.pdf
If it turns out the unexpected income for 2014 does count then I will have to pay back the 2014 subsidy. Also, maybe it will eliminate the 2015 subsidy if they use 2014 income to calculate it.
Does anyone know about this case? Thank you.