How will the Exchanges Verify your income?

In a recent post on LifeHealthPro they report that:

Officials said the exchanges normally will use:

  • IRS tax filing data.
  • Social Security household income data.
  • Wage information employers report to Equifax.

If the IRS, the Social Security Administration and Equifax cannot provide data to substantiate the income information a consumer has supplied, the consumer will have to provide an explanation, or additional documentation of income, officials said.

If consumers cannot supply the requested documentation, an exchange will base eligibility decisions on IRS and Social Security data.

If IRS data is unavailable, the exchange will cut off access to the tax credits, officials said.