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Masshealth Insurance For Business Owners?

 
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JoeClark



Joined: 05 Sep 2017
Posts: 72

PostPosted: Thu Oct 12, 2017 4:10 am    Post subject: Masshealth Insurance For Business Owners? Reply with quote

Hi,

I apologize in advance because I do not know a better place to answer this and nobody seems to know or understand that I've spoken to..... for Masshealth - if a couple doesn't currently have income thru a w2 and steady job but one spouse owns an LLC business that is filed as schedule C on personal income tax returns - how does that affect Masshealth status? Masshealth seems to want to know a annual salary amount in signing up for the year. However, as any business owner knows, profits are uncertain and can change. So if a business is currently seeing $0 profits and not paying salary/distributions to the owner - do you claim $0 income on Masshealth forms? If the business later does much better and turns a profit do you later pay penalties or they audit your tax returns and figure what you owe in insurance or.... what?

Please help.
Thanks!

I didn't find the right solution from the Internet.

References:https://www.malawforum.com/content/masshealth-insurance-business-owners


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