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In the exchange portal, there is a "Life Change Event" button that allows you to inform the exchange of a "life change" for a particular client. Things like job loss, raises, lottery winnings, change of residence, birth, death, marriage, etc.
As part of those "Terms and Agreements" you consent to during enrollment, you said you'd inform the exchange if anything changes mid-year to ensure accurate APTC's (instead of just reconciling at tax time).
Thanks Ray....
But the issue is how is the 1099-c handled?
Its an issue that is really FAKE INCOME (not real) because the banks are forcing someone to take a 1099, when they don't want it. Its not INCOME...its a write off for the Banks. BUT they are forcing borrowers to pay tax on it...(not fair in my opinion).
Kinda of like when you refinance your home, and take cash back...That's not taxable income.
Anyway, maybe i'll give the Center a call to see how they might handle this.
Hmmm....?