I retired in 2014 and had employee health insurance for most of the year, however, I will be without health insurance starting January 1, 2015. So this is my first experience with ACA.
I applied for subsidized ACA health insurance for 2015 and used a guestimate of 2015 MAGI of $33,000. I will have no W-2 wages in 2015. My income will come from a combination of 1099 income, and an inherited annuity. It is difficult to document all of this estimated 2015 MAGI because more than half of the $33,000 will be coming from assets via inheritance received mid 2014.
I received a letter from Dept. of Health and Human Services advising that I needed to document my estimated MAGI number, ($33,000) by mid February. Consequence of not completing this is a loss of a substantial subsidy. I may or may not have some of the 1099s that I could submit, but for the majority of the MAGI number I will not have any formal documentation to verify income. I understand that 1099s etc are not required to be sent before mid February.
I can document loss of W-2 but how do I quantify where other income comes from? About 2/3 of the $33,000 was not in my possession till the second half of 2014 and therefore did not appear on my 2013 tax return.
Anyone have any ideas what form of income documentation will be acceptable to Health and Human Services so that I can maintain my subsidy?
I applied for subsidized ACA health insurance for 2015 and used a guestimate of 2015 MAGI of $33,000. I will have no W-2 wages in 2015. My income will come from a combination of 1099 income, and an inherited annuity. It is difficult to document all of this estimated 2015 MAGI because more than half of the $33,000 will be coming from assets via inheritance received mid 2014.
I received a letter from Dept. of Health and Human Services advising that I needed to document my estimated MAGI number, ($33,000) by mid February. Consequence of not completing this is a loss of a substantial subsidy. I may or may not have some of the 1099s that I could submit, but for the majority of the MAGI number I will not have any formal documentation to verify income. I understand that 1099s etc are not required to be sent before mid February.
I can document loss of W-2 but how do I quantify where other income comes from? About 2/3 of the $33,000 was not in my possession till the second half of 2014 and therefore did not appear on my 2013 tax return.
Anyone have any ideas what form of income documentation will be acceptable to Health and Human Services so that I can maintain my subsidy?