Too late for that. Any money that would have affected the AGI would have to have been deposited by December 31st 2015.
And the ‘eligibility’ requirement for payback of ‘excess APTC’ is a progressive scale, so that if I had stayed ‘just under’ the 4X poverty level limit, I would still have to pay back 90-95% of it. As your income rises, the more yo have to pay back. To pay back ‘$0’ I would have to be ‘in poverty’.........................
I don’t know the rules of obamacare but I do know you can contribute to retirement arrangements after the 1st and still have it lower last year’s AGI. It may well be worth a visit to a tax professional (a real one, not HR block). Either way I wish you well and will pray this situation is resolved without too much hardship.
Don’t know if it will affect your AGI but you can contribute to IRA/401k after year end and still call it prior year.
Contribution Limits and Deadlines
Contributions can be made to your 401(k) once the tax year ends up to the tax filing deadline. If an extension is filed, contributions can be made up to Oct. 15. The contribution limits for 401(k) accounts adjust each year due to inflation. The maximum amount that you can contribute in 2013 is $17,500. In 2012 it was $17,000. If you exceed the specified amount in contributions, you could be subject to a tax penalty.
Contributing After Dec. 31
There are several reasons why someone would make contributions after the tax year ends. For example, if your 401(k) is established late in the tax year, you are likely to have plenty of margin left for additional contributions after Dec. 31. You may also elect to have contributions marked for the previous tax year if you will benefit more by having the tax deduction in the specified year than in the current year.
You can contribute to an IRA for 2015 tax purposes until April 15, 2016. At least, that's what it says here: 4 Last-Minute Ways to Reduce Your Taxes
No, you AND/OR your wife can contribute to an IRA, until April 15, 2016.
Make sure you designate the buy for tax year 2015.
It comes straight off your AGI, and you might also be able to do line 34, form 8880 [form 1040A], for an additional amount.
“Any money that would have affected the AGI would have to have been deposited by December 31st 2015.”
True since you have a 401k. However your wife can contribute up to $5000 in an IRA ($6500 if over 50). I know this because we are doing the exact same thing. I have until April 15 to fund an IRA and I am waiting to finish our taxes to see how much I need to contribute so our AGI is at the threshold we told them.