Join Early Retirement Today
Reply
 
Thread Tools Display Modes
IRA Withdraw in 2020 for 2019?
Old 02-01-2020, 06:23 AM   #1
Thinks s/he gets paid by the post
 
Join Date: Dec 2015
Posts: 2,232
IRA Withdraw in 2020 for 2019?

OOPS...I Messed up a bit. I took money out of a stock fund, and grossly over estimated the cost basis. Hence, I have a larger LT capital gain than I anticipated, enough to lose my ACA credit.

It's not a huge deal, as it is just for DW's credit, since I'm on Medicare.

Since I'm losing that credit anyway for 2019, I'd like to have taken enough IRA withdrawal to get to the federal $78,950 (or just short of that for safety) tax bracket and maximize how much I can take out at 12%.

Is it possible to take IRA withdrawals AFTER Jan. 1, and count them as income on the 2019 taxes?
HadEnuff is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 02-01-2020, 06:38 AM   #2
Recycles dryer sheets
 
Join Date: Jun 2011
Location: W Colorado
Posts: 476
The short answer is "no". You cannot do a transaction in one year and declare it for another year.
pjm-7 is offline   Reply With Quote
Old 02-01-2020, 07:01 AM   #3
Thinks s/he gets paid by the post
 
Join Date: Dec 2015
Posts: 2,232
Quote:
Originally Posted by pjm-7 View Post
The short answer is "no". You cannot do a transaction in one year and declare it for another year.
that's what I figured. I was momentarily confused between the rules for withdrawals and contributions.
HadEnuff is offline   Reply With Quote
Old 02-01-2020, 11:21 AM   #4
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
SecondCor521's Avatar
 
Join Date: Jun 2006
Location: Boise
Posts: 7,865
Depending on how far over the ACA limit you are, you could try getting back under it with a traditional IRA or HSA contribution for you and/or your spouse for the 2019 tax year if you qualify. You can make these contributions any time before April 15, 2020.

An IRA contribution requires earned income, but it can be spousal earned income or a Schedule C business net income. HSAs don't require income but do require a qualifying health plan.
__________________
"At times the world can seem an unfriendly and sinister place, but believe us when we say there is much more good in it than bad. All you have to do is look hard enough, and what might seem to be a series of unfortunate events, may in fact be the first steps of a journey." Violet Baudelaire.
SecondCor521 is online now   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
IRA pull today 2019 or 2020? bizlady FIRE and Money 8 12-31-2019 11:18 PM
Retiring at the end of 2019/1st quarter 2020? SunnyOne FIRE and Money 11 08-27-2019 02:22 PM
Will ACA ask for my 2018 income or estimated 2019 income when we sign up in 2019? GNXGuy Health and Early Retirement 5 11-05-2018 09:15 PM
When you put 2019 as your retirement year, does Firecalc assume January 1st, 2019 ? cyber888 FIRECalc support 12 09-26-2018 09:46 AM

» Quick Links

 
All times are GMT -6. The time now is 01:28 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.