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Covered California and Obamacare related questions from consumers, employers and agents are answered by Phil Daigle with the best information available at the time. Archived entries may no longer be accurate as the Covered California and Obamacare knowledge-base is evolving quickly. TO REQUEST A PERSONAL RESPONSE INCLUDE EMAIL ADDRESS.

IRA Income Reporting?

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Question: I have incurred a large state tax in 2017. If I take an IRA distribution (over 59 1/2) equivalent to this. Will I have to include this as income for MAGI assuming that the deduction will offset the income?

Answer: You have to report IRA distributions as income and it will be included in your MAGI calculation. Whether your state tax deduction will offset the IRA income is a question for your accountant.

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