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View Diary: Laid off workers will have alternative to expensive COBRA coverage (46 comments)

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  •  Based on your projected taxes for the next year (1+ / 0-)
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    So unemployment insurance will count as income.  In California, you will estimate what you believe you will make and the subsidies will be calculated accordingly.  It is my understanding that the amount you estiamte will be compared against state and federal databases - if these is a big discrepancy between previous years filings and/or salary info they have, you will have to explain why you think your estimate is correct.

    if your estimate is very different from your actual income at the end of the year making the subsidy you were given higher or lower thanit sgould have been, this will be reconciled when you file your taxes.  you will either owe the amount you were over-credited or get a tax credit at that time. (At least this is how it is working in California...)

    •  Excellent answer! (0+ / 0-)

      In short, it's an estimation of your income based on all sources - social security, unemployment insurance, etc...

      Most people aren't too good with making these estimates.  I hope that there are CPA's out there who are educated on ACA.

      "The real wealth of a nation consists of the contributions of its people and nature." -- Riane Eisler

      by noofsh on Fri Sep 20, 2013 at 04:30:19 AM PDT

      [ Parent ]

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