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Just finished my taxes - ACA
Old 02-20-2015, 10:44 AM   #1
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Just finished my taxes - ACA

I finally got the 1099B and Form 8949 I was waiting for to finish my taxes. I am 57, working P/T for the last 7 years. I was able to obtain a Bronze plan through the ACA for 2014. I have income from work and investments.

My gross taxable income was $48.5K. I put the max amount into my HSA and IRA bringing my MAGI down to as low as possible. I will pay $0 in Federal Income Tax and will get a check back from the US Treasury for $1800 (refundable ACA tax credit). The $1800 is almost exactly equal to what I paid in Social Security Payroll Tax.

It doesn't pay to work anymore.

What a country, I am sure glad the boat my family was on stopped here.

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Old 02-20-2015, 11:10 AM   #2
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It sounds like you do work (part time)... You've just optimized your taxes. You couldn't do an IRA if you didn't have earned income. You also wouldn't have paid into SS if you didn't work. So it does pay to work - since you're paying into a system (SS) that will benefit you later.

The tax code is a mess - but I'm all for individuals taking advantage of any tax advantages they can, as long as the rules are followed.

Congrats on your zero taxes.

Retired June 2014. No longer an enginerd - now I'm just a nerd.
micro pensions 7%, rental income 18%
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Old 02-20-2015, 11:13 AM   #3
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I really don't get it. I am going to need to look more into ACA as we prepare to FIRE within the next few years. Seems as if I may not need to worry so much about cost of health insurance during ER. As a retiree, I will be eligible for company plan, but that probably will be much costlier than ACA.
FIRE reality = Aug 25, 2016
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Old 02-20-2015, 12:58 PM   #4
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I stand corrected. It doesn't pay to work full time anymore.

I have been doing 20 hrs a week since May '07. As I turn 58 soon and my daughter is now out of college I think later this year I will pull the plug and venture into the waters of full FIRE.
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Old 02-20-2015, 01:19 PM   #5
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Rut row look again.

As Obamacare sign-ups extended, 800,000 incorrect tax statements - MarketWatch
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Old 02-20-2015, 01:29 PM   #6
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Originally Posted by grasshopper View Post
The numbers on my 1095A match the statements I have from Anthem and, both for subsidy and premium, the SLCSP price is the same as the information I printed from when I signed up. No issues with this for me.
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Old 02-20-2015, 01:53 PM   #7
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I had to call the NY Marketplace to find out why some of the numbers on my 1095-A form were not what I expected. The tax guy I eventually got transferred to had all the answers which was nice. (And I didn't have to be put on hold for very long.)

Because my MAGI was near the upper limit to qualify for a subsidy, it ended up being very low. I didn't ask for any advance premium subsidy because I don't pay any income taxes until the 4th quarter estimated taxes. I use the overpayment of my HI premium as a backhanded tax withholding.

Retired in late 2008 at age 45. Cashed in company stock, bought a lot of shares in a big bond fund and am living nicely off its dividends. IRA, SS, and a pension await me at age 60 and later. No kids, no debts.

"I want my money working for me instead of me working for my money!"
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