BoodaGazelle
Recycles dryer sheets
- Joined
- Mar 1, 2017
- Messages
- 284
DW and I have a very good subsidy, and pay less than $400 for FL Blue and Dental. As I am 63 and she is 62, we want to keep our income as low as possible until we both get Medicare.
We have enough money in non-IRA accounts to last until then, but just barely. Unfortunately, this means that anything “extra” we do (like vacations or new(er) car), will affect our MAGI and hence our subsidy.
My question is really this: how hard is it to calculate what it would do to this year’s subsidy if I withdrew (say) $4000 for these extra purposes? I know that for next year, I will simply add them into my estimated income, and I can play with the amount until I keep my health insurance premiums where I want/need them.
I know I will get an adjustment on my taxes, but am not able to grasp what the scope will be.
FWIW, our MAGI this year filing jointly is about $31K.
Thanks!
We have enough money in non-IRA accounts to last until then, but just barely. Unfortunately, this means that anything “extra” we do (like vacations or new(er) car), will affect our MAGI and hence our subsidy.
My question is really this: how hard is it to calculate what it would do to this year’s subsidy if I withdrew (say) $4000 for these extra purposes? I know that for next year, I will simply add them into my estimated income, and I can play with the amount until I keep my health insurance premiums where I want/need them.
I know I will get an adjustment on my taxes, but am not able to grasp what the scope will be.
FWIW, our MAGI this year filing jointly is about $31K.
Thanks!