What you should do
Account for taxes when you’re budgeting for your retirement expenses. Each dollar you withdraw from a traditional retirement account increases your income and could mean a larger portion of your Social Security benefits are taxable. Consider using Roth retirement accounts because qualified distributions from those accounts don’t count as taxable income.
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2 thoughts on “9 Events When Your Taxes Drastically Change”
Just a quick question if a person has not worked for a year and she has no medical insurance does she have to pay the fee at tax time because she does not have a job
It depends on your household income and the plan year. For 2018 plans and earlier, if insurance is unaffordable to you based on your income, you may qualify for an exemption from the fee. Other exemptions are based on low income too.