marctu
Employee Tax Expert

Get your taxes done using TurboTax

So a traditional IRA to Roth IRA conversion results in the amount you convert being taxable in the year you convert it, and your adjusted gross income being higher as a result.  

 

While I cannot specifically answer the question of qualification for health insurance for example Medicaid counts most types of income, including all the ones you have written in your question.  These include:  Wages from employment and self-employment;  Social Security benefits, pensions, interest, dividends, alimony, disability payments; Expected interest and dividends from investments, including tax-exempt interest; net rental income; and unemployment compensation.

 

With $10K of self-employment income, (It would be net income.)  you could make the maximum for 2024 of $7,000, or $8,000 if you are 50 or older by the end of the year.

Thank you for your question @hozung 

 

All the best,

 

Marc T.

TurboTax Live Tax Expert

27 Years of Experience Helping Clients

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