I foolishly pulled too much out of an IRA and made my income too high for the Obamacare subsidies I was receiving. It's too late to put it back (done in May). A quick look at my tax obligation shows that I will need to pay back a whopping $24K+ of APTC. I am retired and can see no way to reduce my MAGI to get under the thresholds. We are a married couple, not yet eligible for Medicare. It's absolutely criminal that health insurance premiums are this high and that we have essentially no choice until Medicare, but that's another issue.
Since I must pay this all back, I'm assuming that I can now choose to switch over to itemized deductions rather than taking the standard. All but the first 7.5% * MAGI of that medical cost is deductible and I can now add in my property and sales taxes too. You can bet I'll be looking for everything else I can possibly itemize as well.
This was an extremely painful lesson on the importance of carefully choosing when/how much to pull from qualified vs. unqualified accounts.
