So I’m planning to voluntarily leave my position which will cause me to lose my health insurance. I see that I can get a plan through the marketplace, however I’ll be paying exorbitant premiums based on my estimated yearly income (I’ve made 40k this year)
Now my question is how are the tax credits calculated at the end of the year? Once I quit I will be making $0, surely the tax credit is based on how much money I make while enrolled through the marketplace?
The calculator they use to estimate on the marketplace website only allows me to enter my yearly which of course includes all the money I’ve made so far this year while paying for my employers insurance.
So I’m trying to figure out if I’m screwed or if the tax calculator is just a bad estimate given my situation.
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Secondary to this:
My wife is employed and she’s currently on my health insurance via my job. Her job offers insurance but it’s a ridiculous price for both of us. I want to enroll through the market place and have her enroll through her job. We’d file separate taxes at the end of the year as to have her income not affect the tax credit I would get. Is this allowed?
submitted by /u/Difficult-Homework31
[link] [comments]
So I’m planning to voluntarily leave my position which will cause me to lose my health insurance. I see that I can get a plan through the marketplace, however I’ll be paying exorbitant premiums based on my estimated yearly income (I’ve made 40k this year) Now my question is how are the tax credits calculated at the end of the year? Once I quit I will be making $0, surely the tax credit is based on how much money I make while enrolled through the marketplace? The calculator they use to estimate on the marketplace website only allows me to enter my yearly which of course includes all the money I’ve made so far this year while paying for my employers insurance. So I’m trying to figure out if I’m screwed or if the tax calculator is just a bad estimate given my situation. —- Secondary to this: My wife is employed and she’s currently on my health insurance via my job. Her job offers insurance but it’s a ridiculous price for both of us. I want to enroll through the market place and have her enroll through her job. We’d file separate taxes at the end of the year as to have her income not affect the tax credit I would get. Is this allowed?
submitted by /u/Difficult-Homework31 [link] [comments]Read Morer/HealthInsurance