Exchange Plan Users Face Calls About 'inconsistencies'

[RayNY]

Norwayguy is right. The agreement you signed says you "agree to the release of personal information, financial information, and any other information the exchange needs in order to decide if I qualify..".

Release means "they request, you release to them". Not "they now have magical access to forms they repeatedly told you they can not get".

By not acquiescing, you forfeit your right to subsides and will owe back 100% of anything you've received so far. We don't know how strictly they're enforcing that, but you won't catch anyone here advise to be a guinea pig.

 

[Yagents]

I recieved a letter saying I needed to send them documents to verify. I called them and told them to check last yrs tax returns, that I put down the exact income I reported to the IRS, the Rep said they can not do look at my tax returns.

I ask them why did I have to check the part in the appliaction to give them permission for the next 5 yrs look at my tax returns and figure next yrs preminums out. The Rep said they can not look at my tax returns, I told her she didn't know what she was talking about and I hung up

The rep was right, they don't have access to your taxes.

Chances are, you don't understand what income you were supposed to report. Most assume it's AGI line 37, but it's actually MAGI which includes social security, tax free interest, and other items. There are so many other considerations or variables to factor in, like whether you're married, cap gains, IRA distributions, etc

 

[charly1954]

If you just remember I'm from the government and an here to help you everything will be alright. I would upload the tax returns and be done with it.

Tks for the reply. Before I posted here I had already thought of uploading the 1st page on my 2013 returns.

All the income info they need is on the 1st page(W2,rental income,self employ). There is no need to upload every page of my tax return, some of it is none of their business. All they need to see is my wifes W2, my net rental income, and my net self employment income. They don't need to see all my expenses and deductions. All they need to see is my profit income. I sell on ebay and allot of sellers don't even report ebay income on their taxes, but I do even though its less than 5,000 before expenses.

 

[Yagents]

Tks for the reply. Before I posted here I had already thought of uploading the 1st page on my 2013 returns.

All the income info they need is on the 1st page(W2,rental income,self employ). There is no need to upload every page of my tax return, some of it is none of their business. All they need to see is my wifes W2, my net rental income, and my net self employment income. They don't need to see all my expenses and deductions. All they need to see is my profit income. I sell on ebay and allot of sellers don't even report ebay income on their taxes, but I do even though its less than 5,000 before expenses.

Nope, won't work. They want proof of your ESTIMATED 2014 income for which the tax credits are based on, not 2013 income. Now, you may be able to get away with 13' taxes, with a cover letter that you expect 14' income to be exactly the same, but the letter states they want self employment ledger, paycheck stubs, etc for 2014.

 

[charly1954]

The rep was right, they don't have access to your taxes.

Chances are, you don't understand what income you were supposed to report. Most assume it's AGI line 37, but it's actually MAGI which includes social security, tax free interest, and other items. There are so many other considerations or variables to factor in, like whether you're married, cap gains, IRA distributions, etc

No, u r wrong. All our income in listed on my taxes before line 37, my wifes W2 is listed, my rental net income is listed, my self emplyment net income, and my early retirement income is listed on the 1st page before line 37. We don't get Social Security, tax free interest, or any other items.

As for them having access to my taxes, when I filled out the app. I called and talked to a Rep about checking the part where they have access for 5 yrs to any income records. That Rep told me that meant they had access to my IRS Tax returns. And I needed to check it or I would not quailify and subsidies. Also every yr after for 5 yrs I would not have to fill out an application, by checking it I was giving the Marketplace access to use my tax returns to figure out my next yrs subsidies.

 

[charly1954]

Nope, won't work. They want proof of your ESTIMATED 2014 income for which the tax credits are based on, not 2013 income. Now, you may be able to get away with 13' taxes, with a cover letter that you expect 14' income to be exactly the same, but the letter states they want self employment ledger, paycheck stubs, etc for 2014.

No one, absolutely no one can predict precisely how much they will make before the end of 2014. No way anyone can predict if they will make more, less, or same as they did in 2013.

----------

The rep was right, they don't have access to your taxes.

Chances are, you don't understand what income you were supposed to report. Most assume it's AGI line 37, but it's actually MAGI which includes social security, tax free interest, and other items. There are so many other considerations or variables to factor in, like whether you're married, cap gains, IRA distributions, etc

I am sorry but u r wrong. All our income in listed on my taxes before line 37, my wifes W2 is listed, my rental net income is listed, my self emplyment net income, and my early retirement income is listed on the 1st page before line 37. We don't get Social Security, tax free interest, or any other items.

As for them having access to my taxes, when I filled out the app. I called and talked to a Rep about checking the part where they have access for 5 yrs to any income records. That Rep told me that meant they had access to my IRS Tax returns. And I needed to check it or I would not quailify and subsidies. Also every yr after for 5 yrs I would not have to fill out an application, by checking it I was giving the Marketplace access to use my tax returns to figure out my next yrs subsidies.

 

[Yagents]

No one, absolutely no one can predict precisely how much they will make before the end of 2014. No way anyone can predict if they will make more, less, or same as they did in 2013.

Welcome to Obamacare, thank your politicians for creating something that is impossible for anyone self employed to forecast. Oh by the way, I hope you know the ramifications of a subsidy "clawback" is if you report higher income in 14'.

 

[charly1954]

I would like to see the application I filled out to see exactly what it says on the part I check for 5 yr access but I can't find it. I know that Rep told me on the phone if I check it every renewal date the Marketplace would adjust my subsidies according to my tax return and checking it gave them permission to look at it. And I would not have to do fill out any info for 5 yrs. I guess everyone at the Marketplace isn't on the same page. U get a different answer from each person u talk to.

I suppose if I went into update or change my status I might find it but I didn't want to take the chance I accidently changed something.

 

[Yagents]

I am sorry but u r wrong. All our income in listed on my taxes before line 37, my wifes W2 is listed, my rental net income is listed, my self emplyment net income, and my early retirement income is listed on the 1st page before line 37. We don't get Social Security, tax free interest, or any other items.

As for them having access to my taxes, when I filled out the app. I called and talked to a Rep about checking the part where they have access for 5 yrs to any income records. That Rep told me that meant they had access to my IRS Tax returns. And I needed to check it or I would not quailify and subsidies. Also every yr after for 5 yrs I would not have to fill out an application, by checking it I was giving the Marketplace access to use my tax returns to figure out my next yrs subsidies.

Then just use your expected line 37 income for 2014 if you don't have any of those other types of income. When you filled out the app and gave them permission to look at your taxes, you're right, it was for future tax years to determine future tax credits. And when you filled out the app at HC.gov, it did look at your 2012 tax filing (since 13' was not filed yet), and if there was any disparity, or a change of more than 10% in your income, it would "flag" it, and require you to send in proof of why you were projecting lower income.

Use this as a guide: http://www.google.com/url?sa=t&rct=...=TEtDHUIX4c1XN2R2XvkDJA&bvm=bv.71667212,d.aWw

 

[charly1954]

Welcome to Obamacare, thank your politicians for creating something that is impossible for anyone self employed to forecast. Oh by the way, I hope you know the ramifications of a subsidy "clawback" is if you report higher income in 14'.

U don't have to be self emplyed to not know, a factory worker, shoe salesman, walmart checkout girl, policeman, everyone has no idea what they will be makeing by end of 2014. They can only estimate.

And yes, I read somewhere if I estimate to low I MAY have to pay the overpayment back. EXAMPLE: With my income estimate say the Subsidies figures out $1,000/month. And if my income ends up higher than my estimate and the subsidies should have been $950/month. They can make me pay $600 overpayment back($50x12)