scrabbler1
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
- Joined
- Nov 20, 2009
- Messages
- 6,699
If you have been following my tale in other threads, I went over the ACA subsidy cliff again in 2019. However, to protect myself from that happening again in 2020, I sold all my shares in an actively managed stock fund I had owned since 1996 and bought shares in a comparable index fund.
With the dividends and especially cap gain distributions projected to be much, much lower in 2020, I expect to not only qualify for an ACA subsidy in 2020 but will get a pretty big one. What I would like to do is to receive this subsidy as an advanced premium subsidy to reduce my monthly premium by about 50%.
I had to re-enroll with my state's (New York) exchange and enter the new, lower income I estimate to receive in 2020. However, the exchange has asked me to prove that my income will be this low. The only income data they have is for the last few years where I went over the cliff.
It looks like they will grant me the subsidy for a few months and have given me until early April to prove my estimate is worthy. So, at least I have some time.
What I have been putting together is a step-by-step analysis of what I believe my income will drop in 2020. This includes providing not-yet-created forms such as my 2019 income tax forms, a 1099 form, a completed sale order, and some historical data on the index fund I have bought into. I hope the exchange folks will believe me and grant me the advanced subsidy so I won't have to wait until next year to file for a large tax refund and re-apply for the advanced subsidy.
Have any of you had to prove a low estimated income amount to your state's exchange or to the federal exchange in this rather complicated fashion in order to receive an advanced subsidy? Were you successful? Did you have to file an appeal or get a hearing?
With the dividends and especially cap gain distributions projected to be much, much lower in 2020, I expect to not only qualify for an ACA subsidy in 2020 but will get a pretty big one. What I would like to do is to receive this subsidy as an advanced premium subsidy to reduce my monthly premium by about 50%.
I had to re-enroll with my state's (New York) exchange and enter the new, lower income I estimate to receive in 2020. However, the exchange has asked me to prove that my income will be this low. The only income data they have is for the last few years where I went over the cliff.
It looks like they will grant me the subsidy for a few months and have given me until early April to prove my estimate is worthy. So, at least I have some time.
What I have been putting together is a step-by-step analysis of what I believe my income will drop in 2020. This includes providing not-yet-created forms such as my 2019 income tax forms, a 1099 form, a completed sale order, and some historical data on the index fund I have bought into. I hope the exchange folks will believe me and grant me the advanced subsidy so I won't have to wait until next year to file for a large tax refund and re-apply for the advanced subsidy.
Have any of you had to prove a low estimated income amount to your state's exchange or to the federal exchange in this rather complicated fashion in order to receive an advanced subsidy? Were you successful? Did you have to file an appeal or get a hearing?