Using Your 401(k) Increases Income & Your Obamacare Premiums


Using Your 401(k) Increases Income & Your Obamacare Premiums

Oct, 1st 2016

Dear Tax Talk, I was laid off in January of 2015. I went on unemployment while looking for a new job. I was 64 years old at the time. My girlfriend became unemployed due to stage 4 ovarian cancer during this time. She lost her health care from her job, but was able to get Affordable Care Act (ACA) insurance with discounts based on her loss of income to help cover the cost of chemo. When her savings was gone, she borrowed from her 401(k) to pay bills.We got married in February. When we filed our taxes for 2015, we were told that even though my wife paid the taxes on her 401(k) distribution, it was also considered income. ACA wanted her health care discounts back due to the 401(k)...

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