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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.
my email address is suewan26@yahoo.com
We are covered by covered CA currently, and for the last 2 years, we, husband & wife file the tax jointly. But we have decided to file tax separately in the coming year, in that case, will this affect the current Covered CA health insurance plan?
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Unless you have been advised by a tax professional to do so, filing “Married-Separate” is usually a big mistake for a number of reasons. In addition to losing any possible PPACA tax credits to pay premiums, you also generally lose the ability to contribute to a pretax IRA and certain other retirement plans. Additionally, you will probably pay a higher tax rate on your income as well, because you probably won’t be allowed to claim certain deductions or exemption..
If you are making this choice on your own, as Phil said above, you should first seek professional tax advice.
Filing taxes separately will remove your eligibility for tax assistance to help pay your premiums. If you have had a Covered California plan, and you receive help paying for the premium, you will lose that premium assistance, and will be required to pay it back when you file your taxes. Seek further professional assistance on whether filing separately is the right financial strategy for your circumstances.