shotgunner
Full time employment: Posting here.
- Joined
- Jun 18, 2008
- Messages
- 539
I have been working to estimate my tax liability for 2014 so I can adjust my withholding from P/T work. With my HSA deduction, estimated ACA Tax Credit on my MAGI, personal deduction and standard deduction it would appear my tax liability would be about a negative $296.
If one's tax liability goes below zero with the ACA tax credit does one get a refund for the amount below 0?
I ask because if this is the case and I am still earning income from employment I could make a contribution to my IRA, $6500, which would increase my negative tax liability by more than $1000 as it increased the ACA tax credit amount. Then I could pull that money out of the IRA between 59 1/2 and 64 to get my income into the subsidy range more easily without P/T work.
If one's tax liability goes below zero with the ACA tax credit does one get a refund for the amount below 0?
I ask because if this is the case and I am still earning income from employment I could make a contribution to my IRA, $6500, which would increase my negative tax liability by more than $1000 as it increased the ACA tax credit amount. Then I could pull that money out of the IRA between 59 1/2 and 64 to get my income into the subsidy range more easily without P/T work.