The first question has to do with a Roth IRA: I have a very small inherited Roth IRA. I know the distributions are "tax free", but do they have any impact on MAGI? It looks to me that they do get reported "above the line" in the 1040.
2nd question is more complicated, I think.
What about selling a home. We have 2 homes, the one we are selling has been my wife's home, going back 20 years before we were married. It is and has always been, in her name.
If we sell it, she might see a 30K appreciation (long time depressed real estate market). Several questions:
1. Will a capital gain appreciation from sale of house have an effect on ACA MAGI?
2. She's 60 years old. Since she's owned this home since before our marriage, can she take the "one time" exclusion?
3. I have a lake home that we may sell in 10 or 20 years, that I have owned since before we were married. That home is likely to have some significant appreciation, so if she take "her" one time exclusion, will I be able to take mine, later?
We file as "joint-married".
2nd question is more complicated, I think.
What about selling a home. We have 2 homes, the one we are selling has been my wife's home, going back 20 years before we were married. It is and has always been, in her name.
If we sell it, she might see a 30K appreciation (long time depressed real estate market). Several questions:
1. Will a capital gain appreciation from sale of house have an effect on ACA MAGI?
2. She's 60 years old. Since she's owned this home since before our marriage, can she take the "one time" exclusion?
3. I have a lake home that we may sell in 10 or 20 years, that I have owned since before we were married. That home is likely to have some significant appreciation, so if she take "her" one time exclusion, will I be able to take mine, later?
We file as "joint-married".