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View Diary: This is the real 'rate shock': My parents' amazing Obamacare story  (164 comments)

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  •  Borrowed money is considered income? (3+ / 0-)

    You might want to check that out.
    Calculating Modified Adjusted Gross Income

    That page doesn't indicate that borrowed money is considered income. And I'm dubious that borrowed money is income.

    You're at the "cliff" where just getting your income down to below 400% of poverty (about $43,000) will get you an enormous subsidy. So it's worthwhile for you to investigate legal ways to do that, if indeed your income is above that level now. One way would be to sock some of your money away in retirement accounts, if that's possible for you

    •  Borrowing did not come up for us (0+ / 0-)

      My husband is working through a broker and when asked all our sources of income borrowing did not come up. Every time you pay a bill with a credit card that would be borrowing. How could anyone figure that out for a future year?

      •  Not dubious, just frustrated... (0+ / 0-)

        It's based on income taxes. Income is income. Tips are income. Gambling is income. Doesn't mean they get declared. If you sell stock to pay the bills, it's income. And yes, Cardinal Fang, I do have money in a retirement acct. When I took some out last year to pay the property taxes, it was considered income. I tried to explain to the healthcare rep that based on my actual job income, I would totally qualify for assistance and the fact that I needed to both take money out of retirement portfolio to survive and borrow some from family, should not be included. She said if it's on my income tax, it is what it is. Since this is based on 2014 taxes, I am going to have to find a legal way to make this work. I sure wish I could be part of a group of thousands of nannies who get a group plan.

        •  Retirement income is taxed (0+ / 0-)

          When you put your money into your retirement account, it wasn't taxed. When you take it out, that's when it is taxed. That's the way income taxes work: you are recognizing the income when you remove the money from the retirement account.

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