Question: My income varies because I am self-employed. Most years I make between $20,000 and $30,000, though two years ago I did especially well and earned $35,000. How will this affect my application for premium tax credits for the 2017?
Answer: Covered California will compare the amount of income you estimate for next year to the most recent information about your income that is available (at this time that will be your 2015 income tax return). Generally, if that amount is different from the amount you put on your application by more than 25% or $6,000 (whichever is greater), you might receive a “data match inconsistency” notice from Covered California and you’ll need to provide more documentation within 90 days. During that period, you can get premium tax credits based on the income you attested to in your application. However, if you have not resolved the data match inconsistency within 90 days, Covered California will adjust or end your advance premium tax credit based on the most recent income information it can find.
We renewed our Covered California plan for 2017(same as last year with tax credit). Even though we filed 2015 tax on time, Covered California still sent us a notice to submit proof of income(our 2015 income is almost exactly the same as 2017 estimate.). We mailed our copies to Covered California and uploaded documents in our account. It has been almost two months, but the status has not been changed yet. How long does it take for them to fully approve my proof of income ? Thank you for your help in advance.