Who has done their taxes & IRA?
#1
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Who has done their taxes & IRA?
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
#2
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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?
#3
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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.
#4
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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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Last edited by crfsti; 04-24-2011 at 03:26 PM.