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IRA withdrawal to buy an electric vehicle?
If I withdrawal $12,000 from my traditional IRA my additional tax burden will be $4,000 on top of the $7,000 I already pay from my paycheck. If I buy a EV the tax credit will be $7,500. This additional $4,000 tax would be washed out by my tax credit. Am I right or there is something else I should be aware of it? Thanks in advance.
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‎September 19, 2019
6:53 AM