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Covered California Q&A

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.

How to Report IRA Withdrawal?

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Question: I withdrew $10,000 from my IRA which raised our income to $45,000 which normally be around $35,000. I’m confused on what is Income, if I do not noemally count on that money yearly, nor do I plan to again.

Answer: Since you are collecting monthly premium assistance in the form of tax credits based on an estimated annual income of $35,000, your excess tax credits for actual 2019 income of $45,000 will have to be repaid when you file your taxes for 2019. Since you do not plan to make an IRA withdrawal in 2020, I suggest you do not change your stated income in your Covered California account, because your 2020 income will return to to about $35,000 and you’ll be back on track with a minimum of complications.

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