johnnyburger
Confused about dryer sheets
- Joined
- Aug 2, 2014
- Messages
- 3
I've thought up this scheme that I'm almost sure will work, but I'm curious if anyone who has more experience with this stuff can find any problems with it.
It goes like this:
Say I will owe $2000 dollars in taxes this year.
I contribute $4000 to a Roth IRA.
I claim the Savers Credit, which is good for 50% of my contribution because my AGI is under $35,000.
My $2000 tax credit eliminates my tax liability for the year.
The following year I withdraw my $4000 from my Roth to put down on the house I want to buy, having saved $2000.
Any issues that anyone can see?
By the way, I'm not looking for anyone to convince me that leaving my $4000 in my Roth is a better idea than putting it towards a house.
Any help is appreciated. Thanks.
It goes like this:
Say I will owe $2000 dollars in taxes this year.
I contribute $4000 to a Roth IRA.
I claim the Savers Credit, which is good for 50% of my contribution because my AGI is under $35,000.
My $2000 tax credit eliminates my tax liability for the year.
The following year I withdraw my $4000 from my Roth to put down on the house I want to buy, having saved $2000.
Any issues that anyone can see?
By the way, I'm not looking for anyone to convince me that leaving my $4000 in my Roth is a better idea than putting it towards a house.
Any help is appreciated. Thanks.
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