Ok...so my tax refund isn't quite what I expected to recieve back and I have the opportunity to transfer 5k from 401k into a roth IRA (I've been planing to do it anyways) and can use it as a tax deduction. Has anyone done this to their taxes and gained a good amount back? I'm wondering if it's worth me doing it right now and using it as a deduction on my taxes hoping I'd get some more money back. Thanks guys

 

I didn't think ROTH IRA contributions are tax deductible since it's an after-tax contribution and pays out tax free at retirement. Maybe you're thinking of a traditional IRA? Plus if the money already sits in your 401k hasn't that cash already reduced your taxable income since it was contributed straight from your paycheck pre-tax?

 

ya sorry after doing some reading it is only with a traditional or simple IRA, not roth IRA. I'm just trying to see if it will get me more money on my return or not.

 

my return sucks this year, i got bumped up into a higher tax bracket, so i think i'm only getting about $300-400 back even though they took about $15k from my paychecks. it's lame! i need to buy a house and get a wife!
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Wellbutrin settlement info

 

My parents claim me boo.

 

wow thats gay. Yeah I put in 3k and only getting $400 back...now if I went to school I could have probably doubled that $$$.

 

that happened to me a few years back. It sucks. Because you barely scrape into the next tax bracket but you get hit just as hard as the guys on the upper end. I've since had a 50% pay reduction so that's worse.

 

Getting a wife doesn't help that much. Yeah you're getting taxed less but you've got another person doing the spending :\. Getting a house does

 

I'm doing mine on Thursday morning, should be getting back between 3k-4k as always...

 

Please proceed to **** off sir

 

haha, nah, I get WAY less per paycheck them most would as a percentage of gross

 

don't forget kids bro! You get like $2k per kid...hehe

 

but then you pay like 1k/month/child for daycare and all the other wonderful expenses.

 

But you spend a lot more then 2K on a kid per year.

 

use those money buy life surance, or annuity its non-taxable. so why not? and you have a much higher interest rate. you can pm me if you have any questions about it.