I’m applying for marketplace coverage for the first time. I have a qualified event that lets me enroll now.
All of my income qualifies as “additional income.” Interest, dividends, capital gains, etc.
My projected income for 2021 will be much lower than 2020 and significantly less than 2019.
- In 2019, I made $55,000.
- In 2020, I made about $35,000.
- In 2021, if I keep all my accounts and investments the same for the rest of the year, I’m expecting about $22,000 currently. But that number could easily change (significantly) if I decide to sell any additional long-term investments for a realized gain or if I move money into higher earning investment products. There’s no way I can project how much money I’d make for those things until I actually do it.
- My income also fluctuates significantly month to month. Some months, I barely make anything or even take a loss. Other months I make a lot more.
The marketplace portal is recommending I submit a “1099.” But…a 1099 is a tax document. The most recent tax document I could possibly have is for 2020 income, which will show much higher numbers than what I’m currently projecting for 2021. I also have more than 30 financial accounts, each with their own tax forms! I open and close accounts frequently to take advantage of bonus offers and to shop around for better rates.
They also said I could include a “letter from a financial institution.” Again…30+ different financial accounts. I closed several accounts this year that showed up on my 2020 tax return and opened additional accounts this year. I have no idea what they’re expecting here. To humor this, I called up one of my financial institutions yesterday to inquire about this and they said they do not provide letters like that!
submitted by /u/Living-Country5215
[link] [comments]
I’m applying for marketplace coverage for the first time. I have a qualified event that lets me enroll now. All of my income qualifies as “additional income.” Interest, dividends, capital gains, etc. My projected income for 2021 will be much lower than 2020 and significantly less than 2019.
In 2019, I made $55,000. In 2020, I made about $35,000. In 2021, if I keep all my accounts and investments the same for the rest of the year, I’m expecting about $22,000 currently. But that number could easily change (significantly) if I decide to sell any additional long-term investments for a realized gain or if I move money into higher earning investment products. There’s no way I can project how much money I’d make for those things until I actually do it.
My income also fluctuates significantly month to month. Some months, I barely make anything or even take a loss. Other months I make a lot more.
The marketplace portal is recommending I submit a “1099.” But…a 1099 is a tax document. The most recent tax document I could possibly have is for 2020 income, which will show much higher numbers than what I’m currently projecting for 2021. I also have more than 30 financial accounts, each with their own tax forms! I open and close accounts frequently to take advantage of bonus offers and to shop around for better rates. They also said I could include a “letter from a financial institution.” Again…30+ different financial accounts. I closed several accounts this year that showed up on my 2020 tax return and opened additional accounts this year. I have no idea what they’re expecting here. To humor this, I called up one of my financial institutions yesterday to inquire about this and they said they do not provide letters like that!
submitted by /u/Living-Country5215 [link] [comments]Read Morer/HealthInsurance