So I’m an adult student (31) and am shopping for a private insurance plan, since I finish school in a few weeks. Now I’m an NJ resident, BUT live in NC full-time. I still have an NJ license.
Now I will not be working the next 1-2 years as I apply to keep school and such, so income will be $0. A broker at BCBS mentioned that I can qualify for tax credit if I project an income of $13k. I can then just file my tax return at the end of the year, which will state an income of $0, and I’ll be able to keep my tax credits. Then I’ll repeat this process by submitting a new insurance application each year.
Thing is that this sounds….odd. How is it that I can continuously project an income, file an income of $0, and maintain my tax credits without an audit? This just seems like fraud to me ha. Is this a legitimate “loop hole”? He mentioned he’s never seen the IRS ever question these setups, but this seems like gaming the system a bit much when I consistently project and income and then always report $0 income ha
submitted by /u/DCAnt1379
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So I’m an adult student (31) and am shopping for a private insurance plan, since I finish school in a few weeks. Now I’m an NJ resident, BUT live in NC full-time. I still have an NJ license. Now I will not be working the next 1-2 years as I apply to keep school and such, so income will be $0. A broker at BCBS mentioned that I can qualify for tax credit if I project an income of $13k. I can then just file my tax return at the end of the year, which will state an income of $0, and I’ll be able to keep my tax credits. Then I’ll repeat this process by submitting a new insurance application each year. Thing is that this sounds….odd. How is it that I can continuously project an income, file an income of $0, and maintain my tax credits without an audit? This just seems like fraud to me ha. Is this a legitimate “loop hole”? He mentioned he’s never seen the IRS ever question these setups, but this seems like gaming the system a bit much when I consistently project and income and then always report $0 income ha
submitted by /u/DCAnt1379 [link] [comments]Read Morer/HealthInsurance