RVanwinkle
Confused about dryer sheets
Hi All,
I retired this year in June and pulled out from a 401K what I thought should be enough $$ for the rest of the year. I also applied for a health plan through ACA and received a subsidy. However, I had an unforseen event and had to pull some money out of a pension plan to cover it. It's likely that I now had too much money in 2018 for the ACA subsidy.
Questions:
I assume, I will have to reconcile for 2018 taxes and just "pay back" the amount of subsidy I rec'd, correct?
For 2019, I am pretty sure I now have enough pulled out of that pension to cover me for 2019. So, in affect, I anticipate no income for next year. (I'm not collecting SS yet) In my application for ACA for 2019, do I just put $0? Or put some minimal amount like $20K just in case I have another unforseen event?
Thanks in advance for any help
R VanWinkle
I retired this year in June and pulled out from a 401K what I thought should be enough $$ for the rest of the year. I also applied for a health plan through ACA and received a subsidy. However, I had an unforseen event and had to pull some money out of a pension plan to cover it. It's likely that I now had too much money in 2018 for the ACA subsidy.
Questions:
I assume, I will have to reconcile for 2018 taxes and just "pay back" the amount of subsidy I rec'd, correct?
For 2019, I am pretty sure I now have enough pulled out of that pension to cover me for 2019. So, in affect, I anticipate no income for next year. (I'm not collecting SS yet) In my application for ACA for 2019, do I just put $0? Or put some minimal amount like $20K just in case I have another unforseen event?
Thanks in advance for any help
R VanWinkle