26 CFR 1.36b-4 Reconciling the Premium Tax Credit with Advance Credit Payments
If you haven’t given Covered CA permission to verify income, you will be renewed, but without the advance premium tax credit Insure Me Kevin.com
How and when to report changes to Covered CA
It’s mandated that you report to Covered CA and/or Medi-Cal any changes, higher or lower in:
Estimated MAGI income
for this-upcoming taxable year,
- marriage or divorce
- the birth or adoption of a child — number of people in your household,
- starting a job with health insurance
- gaining or losing your eligibility for other health care coverage
- changing your residence – Address
Covered CA has asked agents not to give tax advice. Here’s their suggestions.
Here’s the 9.15.2017 Job Aid (Instructions) written by Covered CA on how to do it — Including Income
When you are changing the income, please select the event as “None of the above.” Changing the income is not a qualifying event.
***IMHO it can be – See Special Enrollment – Change in Silver Level…
Since you selected “Other qualifying event” it sends the case to review. Email dated 5.18.2017 9:36 AM
Mandate to File Tax Return – Etc. Copied from Covered CA ONLINE application 11.26.2014 – Paper Application Rights & Responsibilities Page 16
I agree to file a tax return before (April 15, ) to claim the Premium Tax Credit. I understand that I am required to submit changes that affect my eligibility, including income, dependency changes, address, and incarceration. These changes could affect the plans I can be enrolled.
I cannot change plans unless I have a life triggering event. Life Events include lost or will soon lose my health insurance, permanently moved to/within California, had a baby or adopted a child, got married or entered into domestic partnership, returned from active duty military service, gained citizenship/lawful presence, Federally recognized American Indian/ Alaska Native, released from jail, and other qualifying life events.
Covered CA Consumer Income Reconciliation Notice
Be CAREFUL when you update income… It could cause your coverage to be cancelled!!! Learn more ⇒CA Health Care Foundation 12.16.2014 ♦ InsureMeKevin.com detailed Analysis
Covered California will be sending a notice next week to health plan enrollees that received APTC, or “premium assistance,” encouraging them to report any changes in income or household size since enrolling in a Covered California health plan.
Enrollees who received premium assistance this year will need to file taxes.
- Covered CA Statement of Subsidy & Proof of Coverage 1095 A
- Individual Tax Return # 1040
- Premium Tax Credit # 8962
- 2016 Renewal Tool Kit
When they file, the IRS will check to see if the amount of income they reported to Covered California is the same as the amount of income they actually made. The IRS will also check to see if their family size is the same as when they applied. The IRS will compare, or “reconcile,” the amount of premium assistance they qualify for based on their actual income and family size reported on their tax return with the premium assistance they received during the taxable year.
Enrollees who experienced a change in income or household size but have not reported this information to Covered California are at risk of having to pay more at tax time. If needed, Covered California can work with these enrollees to reduce their current premium assistance to minimize this consequence.
Steve Shorr - Covered CA Certified Agent -
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InsureMeKevin.com Molina Memo Cancellation if you lose subsidy for one month
- Income Change??? New Subsidy Amount?
- Medi-Cal vs Silver 94 – MAGI Income Qualification – Website Visitor Q & A
- Proof of Income – Accepted Documents
- Voter Registration
- Who can sign an application?
- Withholding W – 4 – IRS Calculator
- zHistorical Report Income Change –