So I purchased health insurance thru the Federal Marketplace for 2019. Ended up getting about $8000 in monthly premium tax credits over the course of the year to help with the premium.
My wife and I's AGI was $107,571. I believe the limit for a family of 4 was $103,000 so we went over that and ended up owing the $8000 back to the IRS.
We both also contributed some money to a Simple IRA thru work that had reduced our AGI a bit. I'm wondering now if I can open my own IRA and make a 2019 contribution of $5000 between the two of us to drop our AGI under the limit.
I already filed my taxes back in the spring like a fool, so I'd have to get all this done and file an amended return in the next two days.
