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ACA signup and IRA contributions
In order to sign up for ACA coverage you have to provide an estimate of income for the following year. During the sign up phase, the Healthcare.gov asked if I wished to contribute to a IRA account. I answered yes. However I had no earned income for 2020. TurboTax will not allow a IRA contribution without a penalty.
The Healthcare subsidy was calculated based on the income value after the IRA contribution.
The return is complete no there are no errors but I expect this retrn to be flagged by the IRS if it is filed.
How do I fix this?
March 16, 2021
11:24 AM