Quote:
Originally Posted by SSLance
Regarding the health insurance question...this is something we've dealt with since semi retiring 5 years ago. Because I own my own Company and I'm able to control the income that it reports, we kept our Adjusted Gross income under $65,000 for the first few years and it saved us over $1,000 a month in health insurance premiums. Can't stand the idea behind Obamacare but what the hell, if it's there, I'm taking advantage of it.
We did run our "post-tax" cash down pretty low with upgrades to the new house etc, so this year we elected to not do Obamacare and are taking a much larger chunk of income out of the Company to build the post-tax kitty back up once again. Next year it'll be back to living off beans and weenies again to save that $15,000 in insurance premiums.
Sometimes it's hard looking at the balance in the Pre-tax accounts, knowing it's there...and knowing we can't touch it without paying considerably penalties and taxes...while scrimping by day to day, but it makes the most sense at least for the time being.
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I read today one of the tax claw backs the administration is doing is removing the pass through tax.. so that may directly impact my ability to control my taxable income. I setup an LLC to help on this front but may be too late to benefit from it..