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Old 01-09-2018, 09:06 PM
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impact of inheritance and health coverage tax credit

hi guys
if an individual receives tax credit on health coverage based on declared income and meanwhile gets lump sum of cash from inheritance,how would this impact the coverage?
many thanks



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Old 01-09-2018, 11:05 PM
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lump sum of cash from inheritance received from a deceased person is typically non-taxable and thus won't impact the household MAGI ObamaCare's subsidies are based on. As a rule of thumb non-taxable lump sum income like cash from inheritance payment doesn't count as taxable income and therefore havs no affect on Medicaid or Marketplace subsidies. As a rule of thumb any money that is taxable is going to affect your Modified Adjusted Gross Income and that is going to affect your cost assistance eligibility and amounts you must repay in advanced tax credits



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