Steelart99
Recycles dryer sheets
- Joined
- Apr 24, 2012
- Messages
- 184
Wife and I are both retired. My yearly income is covered by two small pensions and income from the sale of an investment (fairly high CG percentage) as needed to meet our needs. Our bills are fairly light, being mortgage, utilities, food, hobbies and local travel.
I manage my MAGI in order to minimize the cost sharing for ACA. I sold some of our investments with the goal of keeping the CG and thus MAGI low enough to allow us to remain under 200% FPL.
But .... this year, I overlooked about $1300 in dividends paid by my investment which bumped me over the 200% FPL and thus bumps up the amount i have to repay at tax time by about $600.
I don't think I can qualify for a contribution to a Roth ... can I? Turbo Tax indicated that I couldn't.
Is there some other way to drop my income? I take a standard deduction.
I manage my MAGI in order to minimize the cost sharing for ACA. I sold some of our investments with the goal of keeping the CG and thus MAGI low enough to allow us to remain under 200% FPL.
But .... this year, I overlooked about $1300 in dividends paid by my investment which bumped me over the 200% FPL and thus bumps up the amount i have to repay at tax time by about $600.
I don't think I can qualify for a contribution to a Roth ... can I? Turbo Tax indicated that I couldn't.
Is there some other way to drop my income? I take a standard deduction.
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