It was for Additional Child Tax Credit (Form 8812), they were able to earn around 50K by counting Bituach Leumi, I'm not sure exactly how it worked
In realizing a little more the benefits of a roth ira I have 3 ideas1. Since all contributions can always be withdrawn at any time with out penalty it may make more sense for me to not do the majority of my investing in a roth. The downsides being all gains are locked away till retirement (barring an exception for qualified reasons). 2. Lets say I wanted to purchase a house using the money in my roth. the maximum lifetime withdrawal would be 10k (assuming certain parameters). However since I can anyways withdrawal all contributions tax free, wouldn't it be possible to first withdraw all contributions and then remove another 10k worth of gains (under the exception rule) towards a downpayment?3. would it be possible to take advantage of the savers credit with the same money every year. i.e. withdraw my contribution and then replace it into a roth ira to take advantage of the credit for that year? or does the IRS consider this a wash?
Care to elaborate on #1? Being able to withdraw the principal seems like a reason to invest in a Roth, not the opposite.
On question 2. I would imagine that it would not be a problem, the $10,000 is only an issue with the gain. (you can also make a withdrawal for schooling (for centain expenses) if you or your wife are students (but remember if one of you is a student, you can't get the saver credit for that person)
Just checked my return for last year and me and my wife both got the savers credit and I am a student under occupation.
I am surprised that it even went through on my accountants end and on the IRS end.
good catch. I mistyped that. I meant to state that I should invest the majority in an IRA assuming I don't mind that the gains are locked away till retirement or some other qualified expense.
Ok one more question then regarding the saver credit. I get that as a student I would be ineligible for the credit, however what if I have investment income would that qualify?thanks for all the advice.
Anyone able to help with this?:Topic: Charging sales tax for lighting equipment sales and installationI am aware of some local electricians that do jobs for businesses where they sell fixtures and installation work but don't charge tax. Is that possibly legit?Capital improvement or something?
I'm thinking about getting a medicare provider number and want to incorporate beforehand. How do I figure out if I should get a PLLC, PC, LLC, etc?
You're trying to incorporate to avoid personal liability I assume?And you want pass-through tax treatment?And is it legal to run your business through an LLC? Some states prohibit the corporate practice of medicine.