I wasn't sure how to search for this topic, but the subject summarizes my question.
My wife and I are in a kinda unique space where trying to optimize to the 138% FPL for ACA subsidies. We are in VA but will be taking a MD address next year and VA is finally expanding in 2019... (Let's call it $23K for the year to make it easy to hit the bottom of 138%) and use up any remaining $20,800 Standard Deductions. Unfortunately to get any ACA benefits, it appears we have to "make" $23K in most states (at least by next year), passing the Standard Deduction. I'd rather be on the plus side of the cliff than the underside wherever we call home, as that could be a very expensive -$1 shooting for the lower end of the FPL.
We are up to about $18K this year with expected net "income", via dividends, interest, etc (no W2 earnings), but including my wife's very variable online income stream. My wife's online business could net $1K or $10K between Nov 1 and the end of the year. (Etsy sales for the holidays are random)
I'd like to be able to wait until the end of the year to know for sure what she brings in and then do a very small Roth IRA conversion to max out the difference to hit the $23K level solidifying the ACA requirement before taxes are due in April.
All of that background to ask, do I have to make the Roth conversion before Jan 1, or can it be made after 2018 is settled and before taxes are due in April? Also added all of that info to ask if there's a better approach I should be thinking about or a way to optimize this better in the future.
Many thanks in advance!
