Hello!
I’m not good at estimating and I am perhaps a little too optimistic. Well, I had a little too much optimism in how much I would be earning in 2021 when I applied to the Marketplace for health insurance (I estimated about $27,000) because of the job I had. I ended up leaving that job nearly halfway in the year and believed I would be making enough income through self-employment to maintain my estimate.
That didn’t happen.
I don’t have any excuses other then that I was not able to make the $27,000 I had estimated and actually made only $15,000..
Based of the amount I actually made, I qualified for Medicaid in my state (Missouri). I, being optimistic about my finances, continued with the same tax credit I had received for my estimated income for the rest of the 2021 year and did not get on Medicaid or change my estimated income.
My question is will I be penalized for this? Will I have to make a payment to the IRS for overestimating how much I thought I would earn when I earned enough to be just barely above the federal poverty level?
Any help of any kind is greatly appreciated! Thank you in advance!
TLDR: I earned less then I had hoped and should have updated my income after leaving the job, but didn’t. I qualified for medicaid but stayed on my pre-unemployed plan, will I get in trouble?
submitted by /u/GalacticBreadCrumbs
[link] [comments]Hello! I’m not good at estimating and I am perhaps a little too optimistic. Well, I had a little too much optimism in how much I would be earning in 2021 when I applied to the Marketplace for health insurance (I estimated about $27,000) because of the job I had. I ended up leaving that job nearly halfway in the year and believed I would be making enough income through self-employment to maintain my estimate. That didn’t happen. I don’t have any excuses other then that I was not able to make the $27,000 I had estimated and actually made only $15,000.. Based of the amount I actually made, I qualified for Medicaid in my state (Missouri). I, being optimistic about my finances, continued with the same tax credit I had received for my estimated income for the rest of the 2021 year and did not get on Medicaid or change my estimated income. My question is will I be penalized for this? Will I have to make a payment to the IRS for overestimating how much I thought I would earn when I earned enough to be just barely above the federal poverty level? Any help of any kind is greatly appreciated! Thank you in advance! TLDR: I earned less then I had hoped and should have updated my income after leaving the job, but didn’t. I qualified for medicaid but stayed on my pre-unemployed plan, will I get in trouble? submitted by /u/GalacticBreadCrumbs [link] [comments]Read Morer/HealthInsurance