Heres my tax situation in 2020. Total estimated earned income is $3000 between me & non-working wife. Have two kids under 16.
Is following scenario possible? Could you help if I missed anything ?
My Plan:
$3000 - Earned income
$29,250 - Rollover from husband Trad IRA to Roth IRA
$29,250 - Rollover from wife Trad IRA to Roth IRA
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$61,500 = Total income
My Taxes:
| Total Income | $61,500 |
| Total Deductions | $24,800 |
| Total Exemptions | $0 |
| Taxable Income | $36,700 |
| Regular Taxes | $4,009 |
| Child Tax Credits | $4,000 |
| Total Tax with Credits | $9 |
| Marginal Tax Rate | 12% |
| Tax Amount Owe | $9 |
I also read that lower-income taxpayers may be eligible for the "saver's credit" if they contribute to an IRA.
Is tis possible? Could you help if I missed anything ?
