I just took the first swag at my taxes and I owe the government about double what I was expecting. I spent about half of last year working as an independent contractor and just didn't realize how much the tax hit was going to be. I think I've covered most of the big ticket deductions, but I'm looking for some other ways to reduce my taxes. So my question is:
If I have fully funded my Roth IRA for 2010, can I pull that money out and instead put it towards a conventional IRA so I could take the tax deduction?
If this is legal, is it something I should even consider? Would there be a good reason not to do it?
Thanks,
thehundt
If I have fully funded my Roth IRA for 2010, can I pull that money out and instead put it towards a conventional IRA so I could take the tax deduction?
If this is legal, is it something I should even consider? Would there be a good reason not to do it?
Thanks,
thehundt