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Married Filing Separately rock and a hard place

My wife and I are both independent contractors, so we write a lot off on our taxes. I get a small subsidy on my insurance and my wife actually qualifies for medicaid at the moment since she makes very little. My wife is pregnant, she is due in May. I'm also attempting to buy a house with a co-borrower that will close in July. Because I am buying a house I do not want her on my taxes because she will bring my adjusted gross income down for the bank, BUT , if I file separately It seems I lose my subsidy for some reason.This will be will be pricey but I can deal with it . What I need to know is if she will lose her medicaid if she files separately or even if we just file for an extension with her while I do my taxes separate . Does Anybody know? Is Medicaid considered separate from the health exchange.? I live in NY by the way.
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  • Posts: 55
    I am not sure why your wife's income would bring your income down for the bank loan.  And because Medicaid income is determined as a married couple, I will presume that the reason she is ont it now and you are not is because your combined income is somewhere between 138% and whatever the limit is for CHIPS, which is a Medicaid program for children and pregnant women.  The reason you don't get the premium tax credit if you file separately is because that is the way the law was written.  You should be able to file as married this year, and so can get the premium tax credit; however if you get the credit and decide to file separately, you will be forced to repay every penny of the credit.
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