u/blendedstrawberries

Putting this as simply as I can and would greatly appreciate any advice. I had healthcare marketplace from Jan-May and got a tax credit. Trying to lower the amount I owe back. My total premium for those 5 months was $1639.55, I got a $300 tax credit per month so I only paid $139.55 in total. Yikes.

Using freetaxusa.

I moved from OH to IL mid last year so dealing with multi state filing.

Income Breakdown:

A- Job 1: (Serving) Wages Tips & Comp: $7134.73

Social Security Tips: $5750.42

B- Job 2: $61,962.87

C- HYSA Interest Earned: $191.84

D- Instacart I did for like a month $702.24

Deductions:

E- Social Security Tips (?) - $5750.42

F- Mileage from Instacart (x.70) - $178.29

G- Overtime Wages (/3) - $269.82

H- Interest Paid on Student Loans - $774.12

Total MAGI: $63,019

This means I am only $419 away from being below 400% of the national poverty level, which caps my repayment on my tax credit. I was advised to open a Traditional IRA and contribute this amount for 2025. I will probably do a bit more than that just so I have a bit of wiggle room, but i really want to optimize my return and dont want to have to owe all of my tax credit back. Any corrections or advice would be greatly appreciated.

Putting this as simply as I can and would greatly appreciate any advice. I had healthcare marketplace from Jan-May and got a tax credit. Trying to lower the amount I owe back. My total premium for those 5 months was $1639.55, I got a $300 tax credit per month so I only paid $139.55 in total. Yikes.

Using freetaxusa.

I moved from OH to IL mid last year so dealing with multi state filing.

Income Breakdown:

A- Job 1: (Serving) Wages Tips & Comp: $7134.73

Social Security Tips: $5750.42

B- Job 2: $61,962.87

C- HYSA Interest Earned: $191.84

D- Instacart I did for like a month $702.24

Deductions:

E- Social Security Tips (?) - $5750.42

F- Mileage from Instacart (x.70) - $178.29

G- Overtime Wages (/3) - $269.82

H- Interest Paid on Student Loans - $774.12

Total MAGI: $63,019

This means I am only $419 away from being below 400% of the national poverty level, which caps my repayment on my tax credit. I was advised to open a Traditional IRA and contribute this amount for 2025. I will probably do a bit more than that just so I have a bit of wiggle room, but i really want to optimize my return and dont want to have to owe all of my tax credit back. Any corrections or advice would be greatly appreciated.

Putting this as simply as I can and would greatly appreciate any advice. I had healthcare marketplace from Jan-May and got a tax credit. Trying to lower the amount I owe back. My total premium for those 5 months was $1639.55, I got a $300 tax credit per month so I only paid $139.55 in total. Yikes.

Using freetaxusa.

I moved from OH to IL mid last year so dealing with multi state filing.

Income Breakdown:

A- Job 1: (Serving) Wages Tips & Comp: $7134.73

Social Security Tips: $5750.42

B- Job 2: $61,962.87

C- HYSA Interest Earned: $191.84

D- Instacart I did for like a month $702.24

Deductions:

E- Social Security Tips (?) - $5750.42

F- Mileage from Instacart (x.70) - $178.29

G- Overtime Wages (/3) - $269.82

H- Interest Paid on Student Loans - $774.12

Total MAGI: $63,019

This means I am only $419 away from being below 400% of the national poverty level, which caps my repayment on my tax credit. I was advised to open a Traditional IRA and contribute this amount for 2025. I will probably do a bit more than that just so I have a bit of wiggle room, but i really want to optimize my return and dont want to have to owe all of my tax credit back. Any corrections or advice would be greatly appreciated.