Patricia Lyn
Dryer sheet aficionado
I’ve searched the forums and can’t seem to find the answer to our situation.
My DH and I are both turning 65 in 2024; he in July and me in November. We are both retired and on ACA and have estimated our 2024 income that includes selling a long term capital gains stock for the bulk of our living expenses and using SS for the rest (we both take our SS).
We plan to sell our stock in January. My question is:
Do we need to report higher income for the month of January to Healthcare.gov? Or do they just take the amount you actually earned that year and figure it all out when we file our taxes for 2024?
I know we have to file a quarterly return after selling the stock to avoid a penalty.
Also, since my husband will be quitting ACA for Medicare in July, will the stock sale mess up my subsidy in any way? Or is it all just figured out using our estimated yearly income and settled up at tax time?
Thanks for your time
My DH and I are both turning 65 in 2024; he in July and me in November. We are both retired and on ACA and have estimated our 2024 income that includes selling a long term capital gains stock for the bulk of our living expenses and using SS for the rest (we both take our SS).
We plan to sell our stock in January. My question is:
Do we need to report higher income for the month of January to Healthcare.gov? Or do they just take the amount you actually earned that year and figure it all out when we file our taxes for 2024?
I know we have to file a quarterly return after selling the stock to avoid a penalty.
Also, since my husband will be quitting ACA for Medicare in July, will the stock sale mess up my subsidy in any way? Or is it all just figured out using our estimated yearly income and settled up at tax time?
Thanks for your time