Message Font: Serif | Sans-Serif
 
No. of Recommendations: 0
What actions might a person take to get the most benefit from having a $0 federal tax liability?
Im thinking Roth IRA, etc?

Income will be pretty low this year but hopefully greater in the future. Trying to find some "silver lining" type things I can do now to take advantage.

Thanks
Mosquito
Print the post Back To Top
No. of Recommendations: 0
What actions might a person take to get the most benefit from having a $0 federal tax liability?
Im thinking Roth IRA, etc?


I don't know about 0 tax liability because some credits are refundable and some aren't. Look at info on the saver's credit for Roth contributions.

rad
Print the post Back To Top
No. of Recommendations: 1
Income will be pretty low this year but hopefully greater in the future. Trying to find some "silver lining" type things I can do now to take advantage.

1. Definitely look into a Roth IRA contribution if that's possible.

2. If you have any traditional IRA funds, consider coverting some/all to Roth.

Phil
Rule Your Retirement Home Fool
Print the post Back To Top
No. of Recommendations: 0
If you have any traditional IRAs, this might be a good time to convert part or all of that to a Roth. You'd add the conversion to your income, but that might give you a way to use up deductions that would otherwise be wasted.

--Peter
Print the post Back To Top
No. of Recommendations: 0
Thanks all-

We have no IRAs other than Roths, any other ideas?

Mosquito
Print the post Back To Top
No. of Recommendations: 0
We have no IRAs other than Roths, any other ideas?

Just be happy you're not paying anything ? Take profits in taxable account ?
Print the post Back To Top