Hello all,
I am looking for some advice/help on a tax concern just uncovered. I'm trying to calculate ACA/Obamacare subsidy level income and I may need to recharacterize TIRA to Roth Conversion for 2012 as I believe the method for calculating O-MAGI is different than I expected.
My numbers:
AGI (1040 Line 37)= 45483
Foreign Tax Credit=263
No Tax-exempt interest
So I believe my O-MAGI is $45,746.
Single, and I found the 2013 poverty level is $11,490 giving a max 400% bracket of $45,960.
1) Did I just squeak by? (I forgot to calculate a $760 state tax refund in figuring O-MAGI late last year and so probably converted more than I should have);
2) Is 2013 the right figure to use? Will the ultimate number used for 2014 tax form be updated to 2014 poverty number?; and
3)Or should I just recharacterize some of the Roth conversion to be safe? Lots to consider these days...
PS-Was planning an introductory post-not how I wanted to do a first post but now I'm worried. Maybe this can help others as well. Thanks in advance for any help.
Gresh
I am looking for some advice/help on a tax concern just uncovered. I'm trying to calculate ACA/Obamacare subsidy level income and I may need to recharacterize TIRA to Roth Conversion for 2012 as I believe the method for calculating O-MAGI is different than I expected.
My numbers:
AGI (1040 Line 37)= 45483
Foreign Tax Credit=263
No Tax-exempt interest
So I believe my O-MAGI is $45,746.
Single, and I found the 2013 poverty level is $11,490 giving a max 400% bracket of $45,960.
1) Did I just squeak by? (I forgot to calculate a $760 state tax refund in figuring O-MAGI late last year and so probably converted more than I should have);
2) Is 2013 the right figure to use? Will the ultimate number used for 2014 tax form be updated to 2014 poverty number?; and
3)Or should I just recharacterize some of the Roth conversion to be safe? Lots to consider these days...
PS-Was planning an introductory post-not how I wanted to do a first post but now I'm worried. Maybe this can help others as well. Thanks in advance for any help.
Gresh