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I withdrew from my IRA to buy a rental house, now am told…

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I withdrew from my...

I withdrew from my IRA to buy a rental house, now am told that I owe $9000.00 payback from my Obama care insurance, is this earned income?

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

I am 61 and retired my wife works income $40,000

Accountant's Assistant: Is there anything else important you think the Accountant should know?

Do not believe so.

Submitted: 1 month ago.Category: Tax
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Answered in 3 minutes by:
3/20/2018
Tax Professional: Robin D., Senior Tax Advisor 4 replied 1 month ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,610
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 1 month ago

It is not considered Earned Income for tax purposes but under Obama Care the income calculation for Premium Tax credit includes the following:

It is income when looking at the premium and credits for Obamacare.

A positive 5 star rating is appreciated so I am credited

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Customer reply replied 1 month ago
is there a way to AVOID this penalty?
Tax Professional: Robin D., Senior Tax Advisor 4 replied 1 month ago

It is based on the amount of income you had and if you reported too low when you applied then no.

If you already benefited from premium assistance payments, you’ll have to pay them back to the IRS when you file your income taxes for the year. The amount you’ll have to pay back depends on your family income. If your income is below 400% of the federal poverty level, there is a cap on the amount you’ll have to pay back, even if you received more in assistance than the amount of the cap. However, at higher income levels, you’ll have to pay back the entire amount you received, which could be a lot.

You must pay back all based on your income.

I sincerely ***** ***** could tell you different. Please let me know if you need more information.
If not then please scroll up to see the STARS to rate so I am credited.

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