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Covered California and Obamacare related questions from consumers, employers and agents are answered by Phil Daigle with the best information available at the time. Archived entries may no longer be accurate as the Covered California and Obamacare knowledge-base is evolving quickly. TO REQUEST A PERSONAL RESPONSE INCLUDE EMAIL ADDRESS.
Question: If you withdraw $10,000 from an IRA, is that added to income amount to be calculated for Covered California.
Answer: Yes. Withdrawals from traditional IRAs (not Roth), 401Ks, and company pensions are taxed as income and will add to your Adjusted Gross Income (AGI on line 37 of 1040 tax return) which is the number on which Covered California bases its premium assistance calculations.
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When you say not Roth does that mean money placed aside for retirement that has already been taxed does not apply to the income levels for Covered California calculations?
Hello, I’m almost 64 and receive early retirement SS. My income is under the Federal poverty level, so I have been getting medical. I applied for SS Disability 8 months ago and they are still processing my material, I am also getting divorced and hopefully it will be settled on Nov. 2nd 2015. I expect to get a settlement from the sale of our mobile home, possibly $40,000.
I plan to join Covered CA before the 15th of this month so that there is no lapse in my coverage, because I take medications for clinical depression, and multiple neck and back injuries. How will this one time settlement effect my enrollment? I need to enroll before the settlement. Thank you, Edward