Hey guys, I’m confused as to what counts as income for next year (2022) in regards to my health insurance through GetCoveredNJ. In 2020, I withdrew $60,000 from my 401k under the Cares Act, and I elected to spread the taxes over 3 years. So, in 2022, I will pay taxes on $20,000 that I received in 2020. Does this $20,000 count as income in 2022 for health insurance? I did not receive this income in 2022, but I’m paying taxes on it as if I did. This money means the difference between getting and not getting a subsidy. Any info would be very much appreciated.
Thank you very much!
submitted by /u/Expensive_Ad_841
[link] [comments]Hey guys, I’m confused as to what counts as income for next year (2022) in regards to my health insurance through GetCoveredNJ. In 2020, I withdrew $60,000 from my 401k under the Cares Act, and I elected to spread the taxes over 3 years. So, in 2022, I will pay taxes on $20,000 that I received in 2020. Does this $20,000 count as income in 2022 for health insurance? I did not receive this income in 2022, but I’m paying taxes on it as if I did. This money means the difference between getting and not getting a subsidy. Any info would be very much appreciated. Thank you very much! submitted by /u/Expensive_Ad_841 [link] [comments]Read Morer/HealthInsurance