Self-Employed Income proof for NYS Marketplace

After just leaving a second job that was providing health insurance for the last 4 years I found a broker that has been great in helping me navigate the NY system and my wife and I will now qualify for the Essentials plan for low cost.

I am self-employed as a consultant and file quarterly payroll, which fluctuates wildly during the year. We have always had separate personal and business accounts and never have done formal a payroll with a payroll service since we are a 2 person S corp with just me pulling a salary. We transfer from the business to personal and log that as payroll in Quickbooks. Our Quickbooks file goes to a professional accountant and we have never had a problem.

Our 2020 taxes won’t be done for months so the broker has submitted our 2019 business and personal. I submitted my 2020 W-2 I did for myself and my 2020 NYS-45s. The state does not accept these as 2020 income proof evidently.

The state wants my self-employed income to date for 2021. To date I just have 2 transfers for around $850. My wife is going to try run some sort of payroll report in Quickbooks but we don’t use their payroll service.

I did call my accountant and explained what was going on. He took my anticipated income for 2021 which was submitted to the state and divided that into weekly paycheck amounts, printing up weekly paystubs. This seem sketchy to me since it does not reflect my actual income, which is much lower than the averaged out weekly amount.

Has anyone else ran into a similar situation?

submitted by /u/Traumaboy8335
[link] [comments]
After just leaving a second job that was providing health insurance for the last 4 years I found a broker that has been great in helping me navigate the NY system and my wife and I will now qualify for the Essentials plan for low cost. I am self-employed as a consultant and file quarterly payroll, which fluctuates wildly during the year. We have always had separate personal and business accounts and never have done formal a payroll with a payroll service since we are a 2 person S corp with just me pulling a salary. We transfer from the business to personal and log that as payroll in Quickbooks. Our Quickbooks file goes to a professional accountant and we have never had a problem. Our 2020 taxes won’t be done for months so the broker has submitted our 2019 business and personal. I submitted my 2020 W-2 I did for myself and my 2020 NYS-45s. The state does not accept these as 2020 income proof evidently. The state wants my self-employed income to date for 2021. To date I just have 2 transfers for around $850. My wife is going to try run some sort of payroll report in Quickbooks but we don’t use their payroll service. I did call my accountant and explained what was going on. He took my anticipated income for 2021 which was submitted to the state and divided that into weekly paycheck amounts, printing up weekly paystubs. This seem sketchy to me since it does not reflect my actual income, which is much lower than the averaged out weekly amount. Has anyone else ran into a similar situation?
submitted by /u/Traumaboy8335 [link] [comments]Read Morer/HealthInsurance

Leave a Reply

Your email address will not be published.