John Galt III
Thinks s/he gets paid by the post
- Joined
- Oct 19, 2008
- Messages
- 2,803
Not having much luck googling this.
I want to do either a Roth conversion of a traditional IRA, or just a plain voluntary distribution of a traditional IRA, to bring my 2014 MAGI income up enough to qualify for an ACA plan. I'm over 59 and a half, so there would be no early withdrawal penalty.
I need to know what the deadline is for these two options as far as ACA is concerned.
My IRA's are at my credit union. They told me I have until 4/15/2015 to cash in traditional IRA for 2014 income. I tried to google this to confirm it but all the info is about mandatory RMD's, and Roth conversions, not voluntary withdrawals from trad IRA (googling indicates the deadline for mandatory RMD is 12/31/2014 and for Roth conversion is also 12/31/2014).
Starting to think my credit union is wrong, and 12/31/14 is fast approaching!
Also, if anyone has had success using IRA distribution for MAGI income for ACA, I would love to hear about it !
Thanks
I want to do either a Roth conversion of a traditional IRA, or just a plain voluntary distribution of a traditional IRA, to bring my 2014 MAGI income up enough to qualify for an ACA plan. I'm over 59 and a half, so there would be no early withdrawal penalty.
I need to know what the deadline is for these two options as far as ACA is concerned.
My IRA's are at my credit union. They told me I have until 4/15/2015 to cash in traditional IRA for 2014 income. I tried to google this to confirm it but all the info is about mandatory RMD's, and Roth conversions, not voluntary withdrawals from trad IRA (googling indicates the deadline for mandatory RMD is 12/31/2014 and for Roth conversion is also 12/31/2014).
Starting to think my credit union is wrong, and 12/31/14 is fast approaching!
Also, if anyone has had success using IRA distribution for MAGI income for ACA, I would love to hear about it !
Thanks