Stay in Touch
Get sneak previews of special offers & upcoming events delivered to your inbox.
Sign in
11-11-2014 04:35 PM
My husband is retiring in 2015 and I have a question about compiling an estimated income figure for the year.
If you'll be applying for Social Security mid-year and need to count that income for a yearly estimate how do you prove it? I have his estimated benefit print out from the SS website but that's not an award letter.
Thanks
11-11-2014 07:16 PM
kaybee- I'll ask a question here, so your post gets more exposure. Did you ask what proof will be accepted? I'm not sure who is going to be looking at your proof statements, so I don't know.
11-11-2014 07:21 PM
Kaybee, I believe they just want how much he will have made between Jan1 2015 and his actual date he will be retiring.
I just retired.
His benefit amount has been established by this point give or take a few $$. Don't over think.
11-11-2014 07:44 PM
Thank you Millie and McCall1020.
Actually I'm browsing the insurance exchange and I want to use his estimated benefit amount for part of the estimated income. The more I read the more it sounds like you have to give your best estimate. I can do that.
I guess I'll have to wait till Saturday when the exchange opens to see what documentation they actually ask for.
11-11-2014 08:01 PM
kaybee, Won't your husband have a pay stub in January 2015 from which he can calculate his income by multiplying the amount of that first check times the number of weeks he plans to be working?
If he needs a ballpark figure right now, he can call the Payroll dept at his place of business and ask them to pre-calculate what his first 2015 check will be.
11-11-2014 08:12 PM
N/A (Sorry, I misunderstood your question.)
11-11-2014 08:28 PM
On 11/11/2014 kaybee said:Thank you Millie and McCall1020.
Actually I'm browsing the insurance exchange and I want to use his estimated benefit amount for part of the estimated income. The more I read the more it sounds like you have to give your best estimate. I can do that.
I guess I'll have to wait till Saturday when the exchange opens to see what documentation they actually ask for.
You can give it your best estimate for 2015. If your income actually changes later on, you go back into the marketplace site and update your information. They will adjust your premium if you qualify for premium tax credits or cost share reduction (assistance with deductibles and co-pays).
If you win the lottery, you will have to report that income too. Anything they will be taxable income in 2015.
Your documentation will be your W2s for 2015.
11-11-2014 08:46 PM
On 11/11/2014 terrier3 said:On 11/11/2014 kaybee said:Thank you Millie and McCall1020.
Actually I'm browsing the insurance exchange and I want to use his estimated benefit amount for part of the estimated income. The more I read the more it sounds like you have to give your best estimate. I can do that.
I guess I'll have to wait till Saturday when the exchange opens to see what documentation they actually ask for.
You can give it your best estimate for 2015. If your income actually changes later on, you go back into the marketplace site and update your information. They will adjust your premium if you qualify for premium tax credits or cost share reduction (assistance with deductibles and co-pays).
If you win the lottery, you will have to report that income too. Anything they will be taxable income in 2015.
Your documentation will be your W2s for 2015.
So they won't ask for an award letter from SS or anything like that now? That's a relief. Thanks.
Get sneak previews of special offers & upcoming events delivered to your inbox.
*You're signing up to receive QVC promotional email.
Find recent orders, do a return or exchange, create a Wish List & more.
Privacy StatementGeneral Terms of Use
QVC is not responsible for the availability, content, security, policies, or practices of the above referenced third-party linked sites nor liable for statements, claims, opinions, or representations contained therein. QVC's Privacy Statement does not apply to these third-party web sites.
© 1995-2024 QVC, Inc. All rights reserved. | QVC, Q and the Q logo are registered service marks of ER Marks, Inc. 888-345-5788