Trying to figure out what to put for my dad’s expected MAGI income for the year.
Hello all,
So my dad quit his job due to a major pay cut earlier this month. He made $8500 from his employer during that time, but has no other income right now besides his side hobbies (day trading and sportsbetting).
He also applied for social security about a week ago, but hasn't been approved yet. He'd make $1495 a month from that, which would push him over the edge for Medicaid ($18,754.20 annually in CT). He's 63.
As I'm applying here for health insurance for him, it seems like if we don't include in the social security, he'll be under the limit and be able to get medicaid. But if I do include Social Security income, he'll be over the limit.
What are the consequences of me filing him just for the income he's actually earned this year and not including social security until he's actually approved for it? Is he gonna get a big tax hit down the road? Realistically how big of a tax hit would he take?
Thank you.
submitted by /u/Money_Whisperer
[comments]
