BeanCounter62
Dryer sheet aficionado
- Joined
- Apr 29, 2016
- Messages
- 42
I fell of the ACA subsidy cliff in 2017 and 2018 because of Capital Gains Distributions. This year I didn't ask for any subsidies.
And I am now realizing that with much lower CGs, I may actually qualify for the subsidies that I didn't take.
Details:
Household: myself and 2 kids.
My ex and I usually trade off the deduction each year (made more difficult with ACA subsidies and coverage across state lines). So I was thinking I was a 2 person household, when in fact I am a 3 person household.
I got a marketplace plan for myself and one child. (that's the easy part)
My ex got a (minimal) plan for our college kid in January, but dropped it in June - told both of us in July that it was cancelled.
Starting in August, I bought a plan from the college (Aug - July coverage)
Is claiming him as a dependent on my 2019 taxes sufficient to raise my household to 3 people and qualify me for the $81k threshhold?
Are the 2 different plans (purchased by 2 different people) with a gap in between going to disqualify us from the subsidy?
On a side note/Tax Loophole?
Without claiming the subsidy, my ACA premiums are high enough to allow me to have a Medical Deduction on my taxes. So - lower taxes than if I had claimed subsidies all along.
It would seem that by deciding to NOT have the premiums reduced, then waiting to claim the subsidy on my taxes in April, would I not get BOTH the Schedule A deduction and also claim the entire subsidy. (Just need the cash flow to make it happen... but seems like it would net me more $$ Or am I missing something? )
And I am now realizing that with much lower CGs, I may actually qualify for the subsidies that I didn't take.
Details:
Household: myself and 2 kids.
My ex and I usually trade off the deduction each year (made more difficult with ACA subsidies and coverage across state lines). So I was thinking I was a 2 person household, when in fact I am a 3 person household.
I got a marketplace plan for myself and one child. (that's the easy part)
My ex got a (minimal) plan for our college kid in January, but dropped it in June - told both of us in July that it was cancelled.
Starting in August, I bought a plan from the college (Aug - July coverage)
Is claiming him as a dependent on my 2019 taxes sufficient to raise my household to 3 people and qualify me for the $81k threshhold?
Are the 2 different plans (purchased by 2 different people) with a gap in between going to disqualify us from the subsidy?
On a side note/Tax Loophole?
Without claiming the subsidy, my ACA premiums are high enough to allow me to have a Medical Deduction on my taxes. So - lower taxes than if I had claimed subsidies all along.
It would seem that by deciding to NOT have the premiums reduced, then waiting to claim the subsidy on my taxes in April, would I not get BOTH the Schedule A deduction and also claim the entire subsidy. (Just need the cash flow to make it happen... but seems like it would net me more $$ Or am I missing something? )