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1040 Line For Tax Credit?

Discussion in 'Off topic' started by Dan Detweiler, Feb 23, 2018.

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  1. Dan Detweiler

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    I know this has been specified somewhere but I can find it with a normal search. Can anyone verify which line on the 1040 Federal Tax Form it is that has to be at least $7500 to get the full tax credit? Doing my taxes now and am managing to get myself confused...I know, big shock.

    Any help is much appreciated.

    Dan
     
  2. garsh

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  3. Dan Detweiler

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  4. garsh

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    In that case, I strongly suggest that you look into converting some of your 403b retirement savings into a Roth IRA. This will cause you to owe taxes on the converted money now (which you can offset this year with the EV credit), but allow you to take out that money tax-free later (with a 403b, you will owe income tax on the money you withdraw).

    https://www.fool.com/knowledge-center/can-a-roth-conversion-be-done-from-a-403b.aspx
    However, one of two conditions has to be met before you can do so. You must either be over 59 1/2 years of age so you can withdraw your retirement funds penalty-free at will, or you must no longer be working for the sponsoring employer.

    Do either of those two conditions apply to you?
     
  5. Dan Detweiler

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    I miss the age by 4 years and am another year away from retirement...crap. Oh well, it's only money, right? ;)

    Dan
     
  6. garsh

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    Have you worked for the same school (I'm assuming you are a teacher - feel free to correct me) the entire time? Or do you have another 403b from a previous employer?
     
  7. Dan Detweiler

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    Same school system since 1999.

    Dan
     
  8. garsh

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    Any retirement accounts from an employer before taking that job?
     
  9. Dan Detweiler

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    I think I rolled it over when I came to this system. I honestly don't remember!

    Dan
     

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