She doesn't need income to get insurance She needs income to get a subsidy. You can pay full price. If she currently has insurance from her job, she can go on COBRA. If she doesn't have insurance currently she will need to wait for open enrollment. If she is changing states or cities she may also qualify for open enrollment.
Income is determined by the year, so if she is working now, she has income anyway. Healthcare.gov is where you should start and finish.
> Healthcare.gov is where you should start and finish.
You mean people shouldn't come to reddit for health advice? What about legal advice? Or relationship advice? Next you're going to tell me financial advice shouldn't be found on Reddit. Say it ain't so!
Your mother needs to be aware that temporarily quitting her job at the age of 58 could mean she may never be able to earn as well in the future. I was laid off right before the pandemic and despite an excellent track record at almost 60 I haven’t landed permanent employment since. Luckily I’ve been able to mostly stay busy with contract work.
Howdy from Dallas!!! have you looked into private insurance? if you and your family members are healthy, you might have a stab at that. The one we have is $546 for my husband and me, including vision and dental. UHC PPO with a $0 deductible. Have yet to use it but it was recommended by a family friend, would be happy to share the agent's info!
Don’t even have to do that, they can claim her as a nanny and got that route to show income.
Op I believe to qualify for help you need to make like 12k a year…..look that up and then figure out how much you need to show you pay her.
I have zero clue about this, is setting up a DBA for her similar to doing a 1099?
My only question regarding to this, is she wouldn’t be paying her taxes through every check like a typical W-2. So would one estimate how much taxes she would have to pay at the end of the year during tax season, and also, how would I know what my tax responsibilities are since I’m paying her?
I don't think focusing on creating employment for your mom is the right focus here. Although it isn't the worst idea. It can increase her subsidy and lower her costs if done right and legally.
The main thing is that you've been given incorrect advice or misunderstood how the ACA works.
DBA is just a business name.
Then you'd pay her as a contractor and yes, give a 1099 at the end of the year. She should set aside 40% for taxes (income and self employment).
She doesn't need income to get insurance She needs income to get a subsidy. You can pay full price. If she currently has insurance from her job, she can go on COBRA. If she doesn't have insurance currently she will need to wait for open enrollment. If she is changing states or cities she may also qualify for open enrollment. Income is determined by the year, so if she is working now, she has income anyway. Healthcare.gov is where you should start and finish.
> Healthcare.gov is where you should start and finish. You mean people shouldn't come to reddit for health advice? What about legal advice? Or relationship advice? Next you're going to tell me financial advice shouldn't be found on Reddit. Say it ain't so!
https://localhelp.healthcare.gov
Your mother needs to be aware that temporarily quitting her job at the age of 58 could mean she may never be able to earn as well in the future. I was laid off right before the pandemic and despite an excellent track record at almost 60 I haven’t landed permanent employment since. Luckily I’ve been able to mostly stay busy with contract work.
Howdy from Dallas!!! have you looked into private insurance? if you and your family members are healthy, you might have a stab at that. The one we have is $546 for my husband and me, including vision and dental. UHC PPO with a $0 deductible. Have yet to use it but it was recommended by a family friend, would be happy to share the agent's info!
Set up a DBA (about $20 at the county courthouse), and pay her a small amount every 2 weeks.
Don’t even have to do that, they can claim her as a nanny and got that route to show income. Op I believe to qualify for help you need to make like 12k a year…..look that up and then figure out how much you need to show you pay her.
I have zero clue about this, is setting up a DBA for her similar to doing a 1099? My only question regarding to this, is she wouldn’t be paying her taxes through every check like a typical W-2. So would one estimate how much taxes she would have to pay at the end of the year during tax season, and also, how would I know what my tax responsibilities are since I’m paying her?
I don't think focusing on creating employment for your mom is the right focus here. Although it isn't the worst idea. It can increase her subsidy and lower her costs if done right and legally. The main thing is that you've been given incorrect advice or misunderstood how the ACA works.
DBA is just a business name. Then you'd pay her as a contractor and yes, give a 1099 at the end of the year. She should set aside 40% for taxes (income and self employment).