Tax Credit Only Applicable to W-2 Tax Liability?

[dimes4slim]

Back to your problem, If you have a tax deferred IRA, you should be able to convert some of it to a Roth IRA to add to last year's liability. I believe you have until April 17th, but do your own research.

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[Maquis]

Back to your problem, If you have a tax deferred IRA, you should be able to convert some of it to a Roth IRA to add to last year's liability. I believe you have until April 17th, but do your own research.

No, he can’t. Contributions to regular IRAs can be made up until the filing deadline, but IRA withdrawals and Roth conversions are effective in the calendar tax year in which they are carried out.

 

[Mach1E]

No, he can’t. Contributions to regular IRAs can be made up until the filing deadline, but IRA withdrawals and Roth conversions are effective in the calendar tax year in which they are carried out.

Correct.

Now if he contributed to a traditional IRA, he could “recharacterize” those as Roth contributions as I suggested in post 18.

He could also make them after tax in the IRA instead but that’s way more complicated when it comes to calculating tax liability on distributions and probably not worth the effort.

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