IRA Withdraw in 2020 for 2019?

[HadEnuff]

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?

 

[pjm-7]

The short answer is "no". You cannot do a transaction in one year and declare it for another year.

 

[HadEnuff]

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.

 

[SecondCor521]

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.