Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 04-11-2017, 11:34 PM
Junior Member
 
Join Date: Apr 2017
Posts: 1
IRA contribution to avoid obamacare penality

I was on obamacare for most of last year and my adjusted gross income line 38 is over the level allowed for credit. This is costing me $5000 in tax penalty. If I use IRA contributions I can reduce the adjusted gross to under the level allowed and not have the $5000 tax. Any issue doing this?



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Living abroad and Obamacare neocarbunkle For 2014 1 10-15-2015 04:31 AM
Hardship exemption to ACA/Obamacare kbair Miscellaneous 1 03-07-2015 05:13 AM
Obamacare Tax Credit tomfitz94 Tax Credit 2 02-21-2015 07:25 PM
ObamaCare penalty myexbossisoutforrevenge For 2013 0 03-07-2014 06:33 PM
How can a Taxpayer avoid the Obamacare Tax Penalty? TaxGuru Medical 0 02-04-2014 03:38 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.