Have a Tax Question? Ask a Tax Expert
$3000 allowed capital loss deduction on carried over from previous tax periods will reduce your AGI and MAGI. Regarding HSA contributions - these are ONLY allowed if you are covered under a high deductible health plan (HDHP) and have no other health coverage except what is permitted.
Thus if you are covered by Medicare - HSA contributions are NOT deductible.
See IRS publication 969
To be an eligible individual and qualify for an HSA, you must meet the following requirements.
You must be covered under a high deductible health plan (HDHP) on the first day of the month.
You have no other health coverage except what is permitted.
You are not enrolled in Medicare.
You cannot be claimed as a dependent on someone else's 2014 tax return.
So far - your gross income will include
85% of 20,000 social security benefits = $17,000
$60,000 IRA distribution
minus $3000 deductible capital loss
total - $74,000
that would be your estimated AGI.