Can I use a tax credit, earned by purchase of a energy eff furnace to pay accrued tax caused by converting a ira to a roth ira?
No. And Yes. A tax credit reduces the taxes you would otherwise owe.
If they occur in the same year, the tax credit will reduce the tax due on your IRA conversion by the amount of the credit.
A tax credit reduces the taxes you would otherwise owe. If they occur in the same year, the tax credit will reduce the tax due on your IRA conversion by the amount of the credit. A tax credit reduces the taxes you would otherwise owe.
If they occur in the same year, the tax credit will reduce the tax due on your IRA conversion by the amount of the credit. You can leave an optional "tip" with Mahalo's virtual currency, Mahalo Dollars. If you are asking a difficult question that might require some research, or if you'd like a wide variety of feedback, a higher tip often leads to more answers to your question.
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