Penalties for Mistakes on Estimated Income?
Let me start by admitting that I have only read a small fraction of what has been published regarding the new ACA regulations; so, this may be a very simple inquiry to answer. But, I have not found anything definitive yet.
If someone retires at the end of this year, or any year, from a relatively high income position intending to manage MAGI for the coming year at +/-300% FPL, I believe, from my limited reading both here and elsewhere, that there will be procedures in place to document the reason for anticipated change in income (retirement/unemployment) to obtain subsidy/rate reduction. Please correct this assumption if needed.
Then, assume things change in coming year and something comes along that is just too interesting and lucrative to pass up which pusses MAGI will above 500% FPL. While I realize any subsidies would have to be reimbursed, my question is if any penalties/fines/etc. would be levied in this situation; and, if so, what would be the magnitude?
Any insight, ideally with supporting official links, on this would be appreciated.
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