Question.
I am trying to lower my MAGI for ACA subsidies or premium tax credit. I realize I am at the cliff of qualifying or not for one in 2018. I under estimated my income for 2017 and will owe a penalty bearing some intervention. My only retirement account is a Rollover IRA, which I add post tax dollars to. My employer does not offer a retirement account. I will make about 49K in 2018. I made 46k in 2017.
Do my contributions to my Rollover IRA with post tax dollars lower my MAGI? If so, can I add more before filling for 2017 taxes to lower it?
What are my options for 2018? Will any contributions in a retirement account help lower my MAGI to qualify for a premium tax credit?
Any advice or assistance would be helpful. Thanks!