littleb
Recycles dryer sheets
- Joined
- May 29, 2015
- Messages
- 244
We retired in June of this year so next year will be the first year we will be eligible for Health Care subsidies through the ACA.
I spoke to an ACA rep and she told me to provide tax documents from prior year. Well, prior year shows our income above the 65,000 cut off to be eligible for a subsidy. This makes no sense.
The plan is to take 25,000 from an IRA and use dividends and interest to complete our 2018 income. We do not want to pay the health premium up front because the money would need to come from an IRA and would be taxed.
What documents are required to determine your MAGI for the next year? Is a spreadsheet with estimated interest, dividends and estimated IRA distribution sufficient? Do you include all tax deductions on the spreadsheet to get the estimated total MAGI? Or does Healthcare.gov need actual copies from Vanguard, Ally, etc with a detailed explanation of where the money comes from?
Should we also send a letter stating we retired in June 2017?
I spoke to an ACA rep and she told me to provide tax documents from prior year. Well, prior year shows our income above the 65,000 cut off to be eligible for a subsidy. This makes no sense.
The plan is to take 25,000 from an IRA and use dividends and interest to complete our 2018 income. We do not want to pay the health premium up front because the money would need to come from an IRA and would be taxed.
What documents are required to determine your MAGI for the next year? Is a spreadsheet with estimated interest, dividends and estimated IRA distribution sufficient? Do you include all tax deductions on the spreadsheet to get the estimated total MAGI? Or does Healthcare.gov need actual copies from Vanguard, Ally, etc with a detailed explanation of where the money comes from?
Should we also send a letter stating we retired in June 2017?