SSDI tax and insurance confusion.... Hello Everyone,
I have a changing financial circumstance that has me confused. Very confused......
My wife works and her adjusted gross income was around $18k last year.
I have not worked in three years.
Our household income has been low enough that we have qualified for Medicaid.
This year we bought a $4000 house to fix up and use as a rental. We have spent close to $10,000 in repairs so far. I expect about $2100 in rental revenue in 2019.
To add to the confusion.... I was just approved for SSDI.
I expect to receive a lump sum of $24,000-$30,000 and monthly payments of around $1000.
I have been trying to educate myself as to the difference between Medicare and Medicaid. From what I can see so far, and considering my ongoing health issues, the switch to Medicare is going to be a financial burden.
If we switch to filing separately my income should make me eligible Medicaid but will my lump sum for back benefits affect my eligibility?
Can my wife keep all of the rental property expenses and income on her taxes?
I am still a little fuzzy on how to file/report the benefits for past years. Can you explain that to me?
My head is really spinning. Any additional advice or suggestions are most welcome.
Thanks
S. |