3 ms·
We had something like this when we were on ACA one year. I hadn't been working that year, but I ended up getting a job in August and it looked like we were goin
by UncleOxidant 3y ago
We had something like this when we were on ACA one year. I hadn't been working that year, but I ended up getting a job in August and it looked like we were going to go over the income threshold because we have a rental and were getting rental income. I asked the renters to please not pay their rent for Sept-December until January of the next year. They happily complied. We were able to squeak under the threshold, but it was close.
- hsjsbeebue 3y agoI guess you were taxed on cash accounting not accrual?
- UncleOxidant 3y agoDidn't receive the income for 4 months of rent until January of the next year. Reported the income in the year it was received. Isn't that generally how it works? (not an accountant or a tax expert)
- dragonwriter 3y agoIndividual income taxes in the US are usually cash basis (it is poasible to change to accrual, but from what I understand it almost never makes sense for an individual to do so.) And only individual income taxes would be directly relevant to individual ACA subsidy eligibility.