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Is 72t plan money considered “income” under ObamaCare?

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ByBob_85364

L1: Is 72t plan money considered “income” under ObamaCare? Forgive me for being off topic….
Since I buy my heath ins.privately, I thought I’d check out the federal Gov insurance site.
in the INCOME section, they list income as Job, self employment, retirement plan, pension, cap gains…ect

Does anyone know if 72T money would be “income” since we are just using our own money…

Thanks, Bob.
2013-10-16 17:56, By: Bob_85364, IP: [98.145.7.210]

L2: Is 72t plan money considered “income” under ObamaCare? If the 72t funds being withdrawn are from a traditional IRA then it’s considered taxable income. However, if the 72t funds are being withdrawn from a Roth IRA that has already been taxed then no! The Rothcan get technical when the withdrawals exceed that of original deposits, but that’s another thread.2013-10-16 18:36, By: Scott, IP: [24.205.202.158]

L2: Is 72t plan money considered “income” under ObamaCare? If the 72t funds being withdrawn are from a traditional IRA then it’s considered taxable income. However, if the 72t funds are being withdrawn from a Roth IRA that has already been taxed then no! The Rothcan get technical when the withdrawals exceed that of original deposits, but that’s another thread.2013-10-16 18:38, By: Scott, IP: [24.205.202.158]

L3: Is 72t plan money considered “income” under ObamaCare? Thanks Scott!
Bob.2013-10-16 19:36, By: Bob_85364, IP: [98.145.7.210]

L4: Is 72t plan money considered “income” under ObamaCare? More technically, the taxable portion of your IRA distributions (traditional or Roth) are included in modified AGI (MAGI)for purposes of determining if you are eligible for a premium subsidy or not. Very few people have a Roth IRA included in their SEPP plan, but it certainly is possible. Likewise, if your SEPP is set up with a TIRA account, you could have basis in your TIRA per Form 8606 and some portion of your SEPP distribution would not be taxable or included in MAGI.2013-10-17 03:01, By: Alan S, IP: [24.116.67.233]

L5: Is 72t plan money considered “income” under ObamaCare? In case anyone is not sure what Alan is mentioning, he means that if you ever had made “NON-DEDUCTIBLE CONTRIBUTIONS” to your Traditional IRA (TIRA), then that is what is called “basis”, and was supposed to be reported on form 8606 in the year that those contributions were made. ( If you made such contributions, but never filed form 8606, you can file it now without having to file an amended tax return, and there is no Statute of Limitations for filing it, and no penalties for late filing. I had a new client last year who had never filed them, and I filed the forms for over $ 40,000 for both he and his wife starting about 1990.)2013-10-17 03:50, By: dlzallestaxes, IP: [72.94.41.159]

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