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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 16580
Experience:  Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level
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Hi. I became medically disabled and began receiving social

This answer was rated:

Hi. I became medically disabled and began receiving social security disability of $X/mo starting on 9/2011. At age 47, it is currently my own source of income, except for $Y/mo assistance from my parents towards home mortgage.

If someone asks me, "what is your estimated 2013 annual household income?" -- how would I accurately answer that question? Is it 12 * $X + 12 * $Y? Or nothing at all due to it being SSDI + assist income?

Thank you.

Megan C :

I realize you have a question about social security. My goal is to provide you with excellent service, and help you better understand your options.

Megan C :

How are you today?

Megan C :

Your annual household income would be 12*x

Megan C :

The assistance you get from your parents is a gift, not income

Megan C :

Only your social security disability is income to you

Customer:

Hi. Thank you. I'd read somewhere that SSDI was not counted as taxable income, so got confused.

Megan C :

It may not be taxable income, but it's still household income

Megan C :

Is there anything else I can assist you with today?

Customer:

Yeah, I figured there was a catch in the wording. This question is in relation to applying for health insurance under obamacare.

Megan C :

Oh, in that case it's based on your tax return

Megan C :

so if no taxable income, then no income

Customer:

See, that's where I got confused. Their question isnt "taxable income"... it's worded, "household income." lol

Megan C :

It's actually not "taxable income" it's "adjusted gross income"

Megan C :

but for your purposes the two would be the same.

Customer:

So it's implied that they mean tax return income?

Customer:

despite wording

Megan C :

yes

Customer:

Ok. Thanks.. that's what I suspected.

Megan C :

Yes, that is correct. Because that's how they check your income - you report it to the IRS

Customer:

Ok. That's all I need. Thanks again.

Megan C and other Social Security Specialists are ready to help you
Thanks, John for your positive rating. Please come back and visit me any time you have a question that needs answered. It was a pleasure working with you today.