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I entered everything into Free Fillable Forms but have not filed yet. When I was entering DH's 1099-R info (for the DB pension), I noticed that there is a box for "Employee Contributions" (Box 5) and it is blank. So at least that proves that he did not contribute anything to the pension. Also...

I will report back once we have filed. I will probably wait until early April so I can double check everything :)

Thanks! This is very helpful! We use Free Fillable forms to e-file. I wonder if it will auto-reject when it detects 1099-R income but no subtraction for same on Form 8880. Or maybe using FFF is more similar to paper filing. I will also triple-check the pension info. I know there was a pension...

Thanks! This is a good distinction. Good point. However, if we can't take the credit, we may make different decisions regarding how much to contribute to IRAs as this is a low income year for us. Thus, I want to be reasonably sure before filing (and before making our 2023 IRA contributions).

Thanks! This is very helpful and much more clear than the other information I have found.

The wording "to which the taxpayer (or spouse) could have voluntarily contributed" is helpful. Do you think the "could have voluntarily contributed" replies specifically to the past couple of years timeframe or could not EVER have voluntarily contributed? For us, both apply, but I am interested...

So if we contribute $8000 ($4000 each) to traditional IRAs for 2023 and DH received $10,000 DB pension in 2023, then we would not need to subtract the $10,000 from the $8000?

If you are willing to research this further, that would be much appreciated! I don't want to take a credit for which we are not eligible, but I would like to take it if we are. The information I have found so far does not seem definitive. I can see the logic both ways. We can't take...

When you say "not included" do you mean "not subtracted from contributions"? Our income will be around $43,000 (under $43,500) after traditional IRA contributions, which would make us eligible. However, this will likely be the only year we will ever be eligible. The pension $ are included in...

I am trying to determine whether we qualify for the Saver's Credit (form 8880). My question relates to the section where you subtract any distributions from a retirement plan over the last few years. We have never made any withdrawals from our IRAs or 401Ks. However, DH is drawing a pension...

I did bring that up, but she is using all old equipment from previous years when she was a W-2 camp employee. She feels it is not worth her time to figure out tiny deductions for laundry and sunscreen. She already has a better handle on taxes than most 20-somethings. She understands that...

i checked with her and she clarified that the whole $600 is payment for lifeguarding and lifeguard instruction and other water-related duties. So the whole $600 will go on Schedule C and she will deduct the $45 from her re-cert class. I mentioned deducting other things like sunscreen and she...

I kind of doubt that they will give her a 1099-NEC, since only $400 of it was a check, but she will definitely report it since it is income. I will get some clarification on when she got the check and when she got the cash. I think the check was after the lifeguard training and was definitely...

This makes sense. Thanks!

My daughter (23) has a regular full time W-2 job. She is also a certified lifeguard and certified lifeguard instructor. Last summer, she trained the lifeguards at a summer camp (where she had worked as a W-2 employee in previous summers). She probably drove to the camp and back about 10 times to...

Thanks! This is a helpful distinction. However, I would still feel better if the last paragraph read "Items (1), (2), and (3) can be for your spouse or a dependent meeting the requirement for that type of coverage." The omission of (1) in that sentence is concerning. But, like you said, maybe I...

So I just re-read the text of 26 USC 223 and it does seem to allow for me to pay my husband's LTC premiums, although it still concerns me that Pub 969 mentions spouse and dependents for the other options and not for LTC premiums. I understand that I cannot pay for my husband's Medicare premiums...

Found it this time. Pub 969 still concerns me, though. It also specifically says that I cannot pay my husband's Medicare premiums from my HSA, while 26 USC 223 does not address that.

Thanks! The reason I thought I could not pay for his LTC premiums from my HSA comes from Pub 969: "Insurance premiums. You can’t treat insurance premiums as qualified medical expenses unless the premiums are for any of the following. Long-term care insurance. Health care continuation coverage...

I will have an HSA-eligible plan (through the ACA Marketplace) for the first time starting in 2024. I plan to open an HSA at Fidelity on January 1. I have been reading up on HSA rules, but have a few questions: 1) Can I fully fund the HSA ($4150) at the beginning of the year? 2) Let's say I...

Yes, this seems to be the case. I did my 2024 application today on healthcare.gov and they asked for current month (specifically November 2023) income. Then, on the next page, they asked if our 2024 annual income was expected to be the November 2023 income times twelve. I selected "no" and then...

Good point. I will just answer all the questions honestly and let it work itself out at tax time. Right! I just heard that they were asking for current month as well as projected annual this year and this seemed weird. Thanks! Yes, I did the math and I think an HSA-eligible plan will be good...

Thanks! I understand that we can just estimate for variable income. However, I am under the impression that they will ask outright what I earned in November of 2023, which I can tell them exactly. If they use this number instead of my annual estimate for 2024, then it will lower my subsidies a...

In the past, I have put all of our income in as "annual" and let healthcare.gov divide by 12 to get a monthly estimate. This is easier for investment income; plus I work a school-year (part-time so no benefits) job so I don't get paid in the summer. I was told that the 2024 Marketplace...

This is the federal exchange and they ask for details and categories for all income. I also grant the exchange access to my tax returns and I try to be as accurate as possible with my estimates. Thanks!