Hi. My wife and I had blue shield silver 73 through Covered CA for 2020. Questions:
- If I make IRA contributions for tax year 2020 (which I can do until April 15, apparently), does that affect my “MAGI” and how my insurance subsidies are calculated?
- If the answer to 1 is ‘yes’: what happens if my MAGI ends up to be lower than $33820? According to the Covered California FPL table for 2020, that is the minimum income level for Silver 73 coverage. Will I be penalized for having Silver 73 instead of the Silver 84 coverage I technically qualified for?
- Also, if the answer to 1 is ‘yes’: What is the minimum income I need to qualify for any subsidies? Is it $23792 (FPL for 2 people of $16910 * 138%)? If I use IRA contributions to bring my MAGI below that level, what exactly would happen?
submitted by /u/gruntastics
[link] [comments]
Hi. My wife and I had blue shield silver 73 through Covered CA for 2020. Questions:
If I make IRA contributions for tax year 2020 (which I can do until April 15, apparently), does that affect my “MAGI” and how my insurance subsidies are calculated? If the answer to 1 is ‘yes’: what happens if my MAGI ends up to be lower than $33820? According to the Covered California FPL table for 2020, that is the minimum income level for Silver 73 coverage. Will I be penalized for having Silver 73 instead of the Silver 84 coverage I technically qualified for? Also, if the answer to 1 is ‘yes’: What is the minimum income I need to qualify for any subsidies? Is it $23792 (FPL for 2 people of $16910 * 138%)? If I use IRA contributions to bring my MAGI below that level, what exactly would happen?
submitted by /u/gruntastics [link] [comments]Read Morer/HealthInsurance