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.
I will look into that ! Thanks!
good advice. Also if the other spouse does not have a 401K, set one up for her as well and contribute as much as you need to get your combined AGI down to where it needs to be.
They will probably close this loophole in Obamacare soon though.
Since Obama care looks at modified adjusted gross income adding to an IRA probably won’t work. 401K contributions may, but I don’t think you can do prior year for that. Your best bet is to have had a business and lots of deductions for that business, make-believe or not. But you didn’t hear that from me.