RunningBum
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
- Joined
- Jun 18, 2007
- Messages
- 13,264
I'm sure this has been asked and answered, but I spent at least 10 minutes searching and browsing threads and didn't find anything. Point me to a thread if that's convenient.
I'm ER'd, so no paycheck, other regular income, SS, pension or RMDs. My income is all dividends, cap gains, and Roth conversions. In 2015 my income was well above 400%FPL due to high capital gains and Roth conversions. I didn't try to claim a subsidy for 2016, but now that I've done some tax loss harvesting I've decided to limit my Roth conversions to be able to get a subsidy. I understand that I will get the subsidy back with my refund when I file 2016 taxes. That's fine.
For 2017, I listed my income as being just under the 400% FPL level. I applied on Nov 9. I just got a notice that they need proof of that income so that I can get the subsidy all year long, and that failure to do so could result in no subsidy, or even lose coverage. I doubt the latter would happen but don't like to risk health care coverage. I have 90 days to send them doc. Examples of doc that would apply to me are a tax return and/or 1099s.
The problem is, I don't know that I'll get any of that stuff by early February to comply. Can I do a "close enough" run of my 2016 1040 then and send them that? I can probably cobble that together from Vanguard info available online even if I don't have the 1099s yet, but I doubt they'd be exact since I don't know that I'd have qualified vs unqualified dividend breakdown on the total international index, for example.
I now know it would've been easier if I'd have waited a month to apply to be much more likely to have my 2016 taxes done by the end of 90 days, but I didn't wait and this is the situation I have to deal with.
How have others dealt with their first year of dropping their income to a subsidy level, and answering the "Eligibility Notice"?
I'm ER'd, so no paycheck, other regular income, SS, pension or RMDs. My income is all dividends, cap gains, and Roth conversions. In 2015 my income was well above 400%FPL due to high capital gains and Roth conversions. I didn't try to claim a subsidy for 2016, but now that I've done some tax loss harvesting I've decided to limit my Roth conversions to be able to get a subsidy. I understand that I will get the subsidy back with my refund when I file 2016 taxes. That's fine.
For 2017, I listed my income as being just under the 400% FPL level. I applied on Nov 9. I just got a notice that they need proof of that income so that I can get the subsidy all year long, and that failure to do so could result in no subsidy, or even lose coverage. I doubt the latter would happen but don't like to risk health care coverage. I have 90 days to send them doc. Examples of doc that would apply to me are a tax return and/or 1099s.
The problem is, I don't know that I'll get any of that stuff by early February to comply. Can I do a "close enough" run of my 2016 1040 then and send them that? I can probably cobble that together from Vanguard info available online even if I don't have the 1099s yet, but I doubt they'd be exact since I don't know that I'd have qualified vs unqualified dividend breakdown on the total international index, for example.
I now know it would've been easier if I'd have waited a month to apply to be much more likely to have my 2016 taxes done by the end of 90 days, but I didn't wait and this is the situation I have to deal with.
How have others dealt with their first year of dropping their income to a subsidy level, and answering the "Eligibility Notice"?