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Obamacare Tax Credits and Capital Gains

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waynezo
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Obamacare Tax Credits and Capital Gains  Reply with quote  

Although I didn't sell any mutual fund shares, I recieved long term capital gains in 2014. When I do my taxes this is causing my Modified Adjusted Gross Income to rise and require me to pay back Obamacare tax credits. Does the IRS count internal mutual fund Cap gains the same as Cap gains when I actually sold something and recieved funds? Since they don't change my tax bracket like ordinary income, I'm suprised they affect my Obamacare bracket. Any advice will be appreciated.
Post Wed Feb 18, 2015 12:28 am
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Wino
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You own taxable mutual funds, yet you get an Obamacare tax credit?

There's something very, very wrong in this system.
Post Wed Feb 18, 2015 1:33 am
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waynezo
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quote:
Originally posted by Wino
You own taxable mutual funds, yet you get an Obamacare tax credit?

There's something very, very wrong in this system.


Yes I also used to pay $1350 a month to cigna for insurance and they were forced to refund 7% because their profit was 27% of revenue 7% over the 20% cap obamacare imposes. Yes there is something wrong with a profit driven Healthcare system. However my question was about tax issues not politics.
Post Wed Feb 18, 2015 9:31 am
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clydewolf
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quote:
Originally posted by waynezo
quote:
Originally posted by Wino
You own taxable mutual funds, yet you get an Obamacare tax credit?

There's something very, very wrong in this system.


Yes I also used to pay $1350 a month to cigna for insurance and they were forced to refund 7% because their profit was 27% of revenue 7% over the 20% cap obamacare imposes. Yes there is something wrong with a profit driven Healthcare system. However my question was about tax issues not politics.

The O-care Premium Tax Credit (PTC) you received was based on your total income and was used to help pay for your health insurance. The amount of your PTC was based on information (estimates) for your annual income.

Your annual income was estimated lower than it actually was so you need to return the excess PTC you received throughout the year.

The capital gains that are reported to you on a 1099 increase your income, and would lower your premium tax credit had that been included in your estimates.
Post Sat Aug 22, 2015 8:43 pm
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