I got a question about the health care subsidy, and I haven't been able
to find anything about this.
The person qualified for the subsidy, and paid the amount required for insurance through the exchange. However last year he took money out of an annuity to buy a business, and that withdrawal pushed his income well above the limit for qualifying for the subsidy.
I imagine that he'll have to go back and repay the amount of the subsidy. Is there a penalty on top of that?
Thanks.
The person qualified for the subsidy, and paid the amount required for insurance through the exchange. However last year he took money out of an annuity to buy a business, and that withdrawal pushed his income well above the limit for qualifying for the subsidy.
I imagine that he'll have to go back and repay the amount of the subsidy. Is there a penalty on top of that?
Thanks.
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Stu
http://DownToEarthLawyer.com
Stu
http://DownToEarthLawyer.com
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