Due to my financial situation, I plan to withdraw money from my individual retirement account. I have Obamacare, and my annual income without the withdrawal is approximately $32,000. Will this $12,000 withdrawal affect the cost of my monthly ObamaCare fee? If so, do I need to report this to someone? If so, please provide department and phone number. On another note, I will marry the end of October and will then be on my new husband’s healthcare plan.
Taxable retirement account withdrawals count toward MAGI income for ObamaCare tax credits, but pre-taxed withdrawals and early withdrawal penalties don't.
As a rule of thumb on anything from a retirement account, to social security benefits, to life insurance: if it's taxable income it counts toward MAGI and if it's not taxable (for example it was pre-taxed income) then it doesn't count. This is because ObamaCare's cost assistance (and Medicaid) is based off of Modified Adjusted Gross Income. ObamaCare specifically is based on MAGI for the year, so keep in mind that the time of year you withdraw doesn't matter it will all affect tax credits the same.
If you do an early withdraw and owe a penalty you can deduct that from MAGI along with any pre-taxed retirement withdrawals. Check out the page on MAGI for more detail on what is counted.