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Ask Lane Your Own Question
Category: Tax
Satisfied Customers: 15831
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Is there a way to contribute to a fund to decrease my

Customer Question

is there a way to contribute to a fund to decrease my retirement income?
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: I have a NYSRS retirement account and have been told by a nys health insurance navigator that I have to reduce my income to qualify for health insurance. So I am trying to findj out what I can do
JA: Is there anything else important you think the Accountant should know?
Customer: no
Submitted: 11 months ago.
Category: Tax
Expert:  Lane replied 11 months ago.
Please don’t shoot the messenger here, but in the interest of getting your question answered accurately, the only way to do that is if you have earned income.If you DO have EARNED income, say, from a part time job and it’s that income PLUS the pension that’s making your income too high, then an IRA contribution could lower that by as much as $5500 - $6500 if you’re over age 50