How to Get a Bigger Tax Refund with the Roth IRA. The Roth IRA is not tax-deductible so it will not lower your taxes or give you a bigger refund. However, in this strategy, you may be able to qualify to still get a tax deduction, receive a bigger tax refund and end up with a Roth IRA. I am illustrating the walk-through on this lesser-known Roth IRA strategy.
Small business owners, self-employed or independent contractors can watch this video for a bigger tax refund strategy.
0:00 Intro
0:12 Roth IRA Explained
0:43 Traditional IRA Contributions Explained
1:22 Bigger Tax Refund Strategy
2:06 Tax Refund Options
3:49 Roth Conversion Eligibility
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Question!! Could over contributing to a Roth IRA be worth the 6% tax? I have heard about a strategy that suggests this but haven't found any actual explanations.
Do you have a video as to how to be eligible?
Thank you so much for the information!! you made it very easy to understand
Hi
Can this be done to reduce taxes owed as well?
I recently started a full time job, filed single no dependents, blank and didn't add I would be working a second job.
Now if I get a part-time job on the side if I filed it the same way, what would be the consequences and how do I file to not owe money?
Hi Travis,
thank you for taking the time on these videos.
Question: if I'm paying the tax in the year money was converted (2022), what happens if this is also a contribution year? Meaning I do this every year? if it's the max amount (7k bc I'm 58) – aren't the taxes going to remain the same?