Trying to understand how to best estimate and properly manage AGI for ACA subsidies with my kids graduating from college in 2021.
DS1 and DS2 are graduating in May 2021. DS1 only has one course in the Spring semester to finish a graduate degree, and, as a result of the shift to online learning in higher education, can start working early in 2021 and still complete his studies. However, the job market for his field of engineering is still a long way from recovering, so it may be a while before he is working full time.
DS2 is graduating in May 2021 as well with an undergrad degree. He plans to continue his studies, but the programs of choice for his continued education do not matriculate new students until January 2022. He will take enough hours in the Spring semester to be a full-time student. However, from June through December, he has plans to have a full-time job. However, there is a (small) possibility that he will love his new job and decide not to continue his education.
I have 2 other kids at home along with DW to insure as well.
It is my understanding that if I cover DS1 and DS2 on my ACA policy, then any income the make in 2021 will be added to my income for determining AGI for ACA subsidies.
So, I believe that means that we need there different ACA applications this year:
Am I correct this will allow to properly segregate income so that the ACA subsidies are best protected for the ACA policy that covers DW, DD, DS3, and myself?
Any other considerations or other ways to handle this situation?
DS1 and DS2 are graduating in May 2021. DS1 only has one course in the Spring semester to finish a graduate degree, and, as a result of the shift to online learning in higher education, can start working early in 2021 and still complete his studies. However, the job market for his field of engineering is still a long way from recovering, so it may be a while before he is working full time.
DS2 is graduating in May 2021 as well with an undergrad degree. He plans to continue his studies, but the programs of choice for his continued education do not matriculate new students until January 2022. He will take enough hours in the Spring semester to be a full-time student. However, from June through December, he has plans to have a full-time job. However, there is a (small) possibility that he will love his new job and decide not to continue his education.
I have 2 other kids at home along with DW to insure as well.
It is my understanding that if I cover DS1 and DS2 on my ACA policy, then any income the make in 2021 will be added to my income for determining AGI for ACA subsidies.
So, I believe that means that we need there different ACA applications this year:
- DW, DD, DS3 and myself
- DS1
- DS2
Am I correct this will allow to properly segregate income so that the ACA subsidies are best protected for the ACA policy that covers DW, DD, DS3, and myself?
Any other considerations or other ways to handle this situation?