So I am essentially able to live off savings and/or selling some of my stocks and withdrawing from an inherited IRA that I have.
At the beginning of this year I was doing freelance video until covid hit, at which point I started self isolating and haven’t worked since.
I reported my income as $24k at the beginning of the year, as that was what I was expecting to make from freelance in a year, and I got some ACA health insurance that is fully covered by premium tax credits. However, I haven’t ended up making any money freelancing. Instead I have sold some stock with an $8k gain and am considering selling more so that my income can be above the poverty level so that I don’t have any problems with getting my premium tax credits for this year.
I can’t figure out if this is actually necessary though. Will I really lose my tax credits if my income is less than the poverty line? And then have to pay back all the credits that I’ve been getting all year? (My healthcare bills have been $0 because the tax credits cover them.)
Also, can I get in trouble for reporting that I was going to make money via freelancing, even though I ended up just making money through cashing out stocks instead?
I don’t know what I’m going to do next year. I may try to freelance again and make $24k, or I may just live off savings and cash out some investments again. I could end up with an income of $0 if I end up not wanting to cash anything out (say, if the stock market crashes) — but then what would happen? If I report that I’ll make $24k freelancing, but then just decide to live off of savings instead and make $0 for the year, what would happen? Could they cancel my insurance?
I just don’t want to get into a situation where if I get hurt or something they could end up claiming that I lied on my application and then take away my insurance.
Thoughts?
(I live in Utah.)
submitted by /u/Peeves4411
[link] [comments]
So I am essentially able to live off savings and/or selling some of my stocks and withdrawing from an inherited IRA that I have. At the beginning of this year I was doing freelance video until covid hit, at which point I started self isolating and haven’t worked since. I reported my income as $24k at the beginning of the year, as that was what I was expecting to make from freelance in a year, and I got some ACA health insurance that is fully covered by premium tax credits. However, I haven’t ended up making any money freelancing. Instead I have sold some stock with an $8k gain and am considering selling more so that my income can be above the poverty level so that I don’t have any problems with getting my premium tax credits for this year. I can’t figure out if this is actually necessary though. Will I really lose my tax credits if my income is less than the poverty line? And then have to pay back all the credits that I’ve been getting all year? (My healthcare bills have been $0 because the tax credits cover them.) Also, can I get in trouble for reporting that I was going to make money via freelancing, even though I ended up just making money through cashing out stocks instead? I don’t know what I’m going to do next year. I may try to freelance again and make $24k, or I may just live off savings and cash out some investments again. I could end up with an income of $0 if I end up not wanting to cash anything out (say, if the stock market crashes) — but then what would happen? If I report that I’ll make $24k freelancing, but then just decide to live off of savings instead and make $0 for the year, what would happen? Could they cancel my insurance? I just don’t want to get into a situation where if I get hurt or something they could end up claiming that I lied on my application and then take away my insurance. Thoughts? (I live in Utah.)
submitted by /u/Peeves4411 [link] [comments]Read Morer/HealthInsurance