Some important "trigger" income levels for 2023

[Hermit]

Thanks for the info Gumby.


You might want to update the IRMAA income year for single filers from 2020 to 2021?

 

[Gumby]

Thanks for the info Gumby.


You might want to update the IRMAA income year for single filers from 2020 to 2021?

Done. Thanks for catching that.

 

[Gumby]

I added info for minimum income to get an ACA subsidy. Note the Medicaid expansion was recently on the ballot in certain states and the map could change.

 

[Hyper]

Thank you for this! A big question,(and yet to research it) I have is can we contribute to our existing IRA to keep our AGI in the sweet spot. Our HC last year was about $300. BCBS raised the plan by $5k for 23'. There was only one other new unknown provider which we chose for 23'. We have to think BCBS deliberately raised our premiums because our income comes from investments

 

[SecondCor521]

Thank you for this! A big question,(and yet to research it) I have is can we contribute to our existing IRA to keep our AGI in the sweet spot. Our HC last year was about $300. BCBS raised the plan by $5k for 23'. There was only one other new unknown provider which we chose for 23'. We have to think BCBS deliberately raised our premiums because our income comes from investments

If you are eligible to make a deductible traditional IRA contribution, that will reduce your AGI for ACA. Up to the contribution limits, of course.

How would BCBS know where your income came from?

 

[Gumby]

I have added the cutoff MAGI for the new electric vehicle tax credits. Thanks to RetMD21 for the suggestion.

 

[kgtest]

For anyone interested I created a thread documenting Important Contribution Limits for 2023 I will link here. Mods, feel free to move this post if its appropriate.

 

[jim584672]

New FPL published

2023 POVERTY GUIDELINES FOR THE 48 CONTIGUOUS STATES AND THE DISTRICT OF COLUMBIA
1 $14,580
2 $19,720
3 $24,860
4 $30,000
5 $35,140
6 $40,280
7 $45,420
8 $50,560
For families/households with more than 8 persons, add $5,140 for each additional person.
https://aspe.hhs.gov/topics/poverty-economic-mobility/poverty-guidelines

 

[Morgan22]

Thanks for letting us know. I've been wondering when they would be published so I can plan for 2024 ACA income thresh holds. (I like to plan years in advance. )

 

[aaronc879]

The minimum income for ACA subsidies this year is based on 2022 FPL, correct?
That's the number that matters to me.

 

[Dtail]

The minimum income for ACA subsidies this year is based on 2022 FPL, correct?
That's the number that matters to me.

Yes

 

[gayl]

Moved

 

[USGrant1962]

I noticed that the Additional Medicare Tax threshold of $250K (MFJ) is missing. Basically 0.9% of wages + SE income over $250K. So that level gets the double-whammy of NIIT and Additional Medicare Tax (guess you can't call it AMT because that one is already taken).

 

[retire48in2018]

In looking at finalizing income this year, I used this thread to validate my internet searching.

Thanks for this info.