Well I was planning to FIRE end of this year since I've reached my number already, but my employer beat me to it!

Got laid off and received a month of severance pay, which in total would put my gross pay for the year around $36,000.

I also have the following numbers for the year:

401k contributions: $3,600

HSA contributions: $1,200

So a rough estimate for 2024 taxable income should then be (assuming I don't go back to work):

Gross pay - 401k contributions - HSA contributions = $31,200

In addition, I'm estimating around $10,000 from dividends and interest, increasing taxable income to **$41,200.**

If I apply the 2024 standard deduction of $29,200 for MFJ, then my final taxable income would be **$12,000**

I'm assuming I'm calculating the above correctly. If not, please do correct me.

My questions are:

1. Having $12,000 of taxable income should put me in the 12% federal tax bracket (MFJ) for the year 2024, therefore I would owe $1,160 + $48 (12% of amount over $11,600, which would be 12% of $400) = $1,208 owed - $3,200 (federal amount withheld so far from my paychecks this year) = I should get a return of $1,992 from the IRS. Is this the right way of calculating things?

2.a. For calculating ACA subsidies, would it be $41,200 taxable income (which does not include 401k and HSA contributions) or would I need to add the contributions back in and get a taxable income of $46,000?

2.b. With $30k in yearly spending and $20k in a savings account, would I better off using the cash to max out IRAs for both me and spouse ($14,000 for 2024, leaving me with $6,000 in cash) and sell investments to cover expenses? or should I just use the cash to cover the yearly expenses and not worry about IRAs?

Thanks!