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Old 04-08-2015, 03:36 PM
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Obamacare and Student Loan Disability Discharge/Insolvency

I have been on SSDI since December due to cancer and am in the process of having my approx. $10,000 (principle.. more like $14,000 with fees/interest) federal student loans discharged. I am easily insolvent as I don't own anything except clothing and a few assorted used things (no car or house). My question is does declaring insolvency on Form 982 also remove that as income reported to "Obamacare". I receive Medicaid through Arkansas' expanded access option and want to make sure that a 1099C for the forgiven loan would not somehow put me over the amount for eligibility for Medicaid. I couldn't afford a premium. At this time I make $13,044 a year and this year the epanded access limit is $16,105. So basically the insolvent amount would be like a "0" or something smallish in terms of it applying as "income" to figure my Obamacare premium.

In sum would a discharged student loan, using the insolvency option from Form 982 to show me totally or nearly insolvent, affect my reported income for Obamacare? Hope that makes sense.

Thanks so much!

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