Solved: I received gift cash in various increments throughout the year and deposited into my back account. The total is under $14000. Will that affect my Healthcare.gov subsidy?
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New Member

I received gift cash in various increments throughout the year and deposited into my back account. The total is under $14000. Will that affect my Healthcare.gov subsidy?

In other words, I know it is not considered income but if I get a refund of my subsidies and my bank account is monitored will I have to pay the money back to the IRS?
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New Member

I received gift cash in various increments throughout the year and deposited into my back account. The total is under $14000. Will that affect my Healthcare.gov subsidy?

No, your Premium Tax Credit or cost subsidy from Healthcare.gov (Marketplace coverage) is impacted only by your household income adjusted for a few items as noted below.  This calculation begins with your adjusted gross income which does not include gifts.

Adjust your adjusted gross income for the following add-back items:

  • Tax-exempt foreign income
  • Tax-exempt Social Security Benefits
  • Tax-exempt interest

There is no adjustment for gifts received.  In the rare event that you receive a notice questioning your income (due to your bank account deposits), you can simply report that these were gifts and are not considered income.

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New Member

I received gift cash in various increments throughout the year and deposited into my back account. The total is under $14000. Will that affect my Healthcare.gov subsidy?

No, your Premium Tax Credit or cost subsidy from Healthcare.gov (Marketplace coverage) is impacted only by your household income adjusted for a few items as noted below.  This calculation begins with your adjusted gross income which does not include gifts.

Adjust your adjusted gross income for the following add-back items:

  • Tax-exempt foreign income
  • Tax-exempt Social Security Benefits
  • Tax-exempt interest

There is no adjustment for gifts received.  In the rare event that you receive a notice questioning your income (due to your bank account deposits), you can simply report that these were gifts and are not considered income.

View solution in original post

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