Does my stated income for the Marketplace include, or exclude my 401k contributions? For instance, if I make 100k and I contribute 20K pretax to my employer's 401k, is my income 100k, or 80k? TIA.
I should have mentioned, that I am going to retire in July, so I won't have any more income after June so when I put my estimated income in the Marketplace app, I don't quite know if I should put 100k or 80k.
If it's a traditional 401K and the contributions are pre-tax, that should lower your AGI and MAGI (which is what the marketplace looks at). As long as your contributions to your 401K are pretax, then you should be good. From what you've described it seems like you would estimate 80K. Thanks for your question!
One thing I’m going to have to deal with is moving from state to state. In late January I’ll be moving from NY which has its own marketplace to FL which uses the Federal Marketplace. That should be an interesting experience.
It'll definitely be a different interface. But the basics should all be the same! You can take a look at the plans now to research in advance to make enrollment when you move smoother.
Interesting question! You can't really pick a starting date. There are enrollment periods and the coverage date is tied to when you enroll. However, if you don't currently need insurance, you may qualify for a special enrollment period which would allow you to enroll outside of open enrollment. I hope that helps!
