By skyforbes I live in NY but still have FL residency for taxes. (I know I'm supposed to change it but inheritance tax will cut deeply. Hope that is settled in about a year.) I was a caregiver for my late mother until April (4 years), then relocated home. Was not able to work regularly.
I'm working part time, avg 23 hrs a week, $705 for 2 weeks so $1410/month. But it's seasonal and ends in a month. Employed about 20 weeks = just over 7k income. However, I took a payout of my mother's IRA in July, figuring it's the lowest taxes I'd pay on it re: income level and now my fed income will be 29K + 7k = 36k. Including the payout I have about 56k in bank accounts.
I got fidelis (medicaid) from NYS but am concerned I'll lose it as soon as I file federal taxes next year/refile for coverage. I will become a NYS resident as soon as inheritance is completed (2026?) but will be a student with no income next year, likely in another state.
Should I place monies in a retirement account or trade up my car to cut assets? Will an IRA or Roth count against me? Also, I won't be a resident in the state of my school so not sure about any health coverage through that. Really need this to work even though doctors, etc. would all be in NY.
TY,
Mac