The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: NOT taking a tax credit||Date: 6/14/2000 8:57 AM|
|Author: jackalope29||Number: 36550 of 125441|
OK this might sound foolish (the bad kind), but please bear (or bull as the case may be) with me.
I reside abroad and my income does not exceed the foreign income exclusion. As a result I have no adjusted gross income from which to contribute to my Roth IRA. Being foolish (the good kind) I know the importance of contributing to an IRA. Thus, last year I returned to the US and earned $2000 in taxable income.
Great I can do my Roth. But alas, Turbo Tax calculates that I have a negative adjusted gross income since I qualify for some foreign tax credit (form 2555).
My question is can I just ignore this tax credit? I really prefer to make my IRA contribution. Also any help on this credit would be helpful. I just filled out the questions on Turbo Tax and it found this credit. Something to do with my low income abroad and housing credits???
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