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Obamacare and Student Loan Discharge/Insolvency

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Chris1111
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Obamacare and Student Loan Discharge/Insolvency  Reply with quote  


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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 ...
Post Wed Apr 08, 2015 6:40 pm
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littleroc02us
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Re: Obamacare and Student Loan Discharge/Insolvency  Reply with quote  

quote:
Originally posted by Chris1111
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!



Cross posting is considered Spam on this forum, so I have removed one of them.

Thanks

Marcus

Risk comes from not knowing what you're doing. (Warren Buffet)
Post Wed Apr 08, 2015 7:49 pm
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