[USER]

We have to keep our income under $60k this year. There are programs we like to qualify for and $60k is about that threshold.

The programs are 4 years of free college tuition, $0 premiums for ACA health insurance, $14k(Inflation Reduction Act)credit to upgrade our furnace/AC, $4k credit to buy Used EV car. As you can see, this is a lot.

As of now, we’re on track to make about $80k for the year. I’ve already taken 3 months off this year for a number of reasons.

Will take another month off before the end of the year.

Question is, what can we do to get our income down to below $60k this year, so we can qualify for those programs?

[Nissa]

This feels less like an FI question and more like a “keep entitlements eligibility” question.

If you have capacity to earn 1/3 more than these programs require, why are you not putting that $20,000 to work on taking care of obligations like home improvements or a car purchase?

I recognize that you didn’t state why you were off work and that a disability or medical issue could have come in to play and that’s difficult for sure.

But at this point, if you’re “on track” to earn $80k then I’m confused as to why you think you can or should be able to shelter those funds to keep eligibility for other programs.

[Kimo]

Kind of sounds like what people on welfare do to retain their benefits.

[Warren]

“How can I work less to get more free stuff funded by the taxpayer?” What an admirable goal.

[Brian]

Personally, I would double down on killing it and increase my income as much as possible. Abundance and growth mindset. The government is not your friend.

[Mia]

We definitely aim to keep our income under a certain amount to keep our kids qualified for CHIP insurance.

If we exceed that level, health insurance premium costs go up over $12K/year for our family, plus deductibles and other OOP costs.

I’d much rather put that $12K into a retirement account than turn it directly over to the very crappy health plan provided by my DH’s employer.

OP, we contribute extra to my DH’s 401K to reduce our MAGI.

We often put in more in the last half of the year than the front half of the year, because frankly, we are never sure if we will be able to afford to do it.

I don’t know who thinks a family living on $80k is rolling in surplus funds.

Not every program is only for the most destitute, some are to keep the constantly shrinking middle class from drowning.

[Michelle]

Unfortunately, every student needs to fill out a FAFSA and a supplemental CSS profile.

The CSS profile counts your assets on top of your income.

They also historically go back 2 years before the kid applies, so that parents can’t “take a lower paying job,” for 1 year just to “work the system.”

If your combined salaries are near the $60K mark, contribute to your 401Ks to lower your AGI. Otherwise, good luck!

[David]

AGI is the deal killer since the ACA looks at your before deductions income. Not sure on the other items

[Julie]

I don’t know why you’re getting such flak for this. This is what a lot of people who are RE do to get health insurance for a reasonable price.

The system is designed for rich people, so take advantage of anything you can.

I don’t have any great ideas except to max out your HSA and whatnot. And look at your filing status if you’re married. Free tuition is HUGE.

[Justin]

At some point aren’t you just better off to earn the money and pay the fees?

[Adam]

Imagine if you put the time and energy to get your income to $160k instead of trying to reduce the $80k to get more handouts

[Claudia]

These programs will ask you for proof of your gross income and where you are applying those funds.

Funding additional accounts doesn’t erase your income level.. just shows them you have options.

They will still assess your family contributions according to the number you provide.

To be fair to families that don’t have those options.

[Emily]

this guy for trying to access a program and save a couple thousand but not the rich who get bail outs, grants, federal funding, other government subsidies, and exploit every tax loophole they can think of?

He’s simply trying to get a small crumb of the pie.

[Rick]

So, you took 3 months off, which would have probably been 90-100K or more in annual salary just to have taxpayers flip the bill for you and in doing so, taking it away from someone that could really use it?

Are you for real?

[Author]

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