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I will be using the ITC federal tax credit for 2019. How will that impact taking money out of my IRA?

 
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3 Replies

I will be using the ITC federal tax credit for 2019. How will that impact taking money out of my IRA?

The solar credit can negate federal income tax on a return ... so if you have taxable income and income tax the credit will be worthwhile ... if you cannot use it then it is carried forward.   Taking money out of the IRA and/or converting to a ROTH is a good way to increase your taxable income and federal taxes to utilize the credit better/faster.  

I will be using the ITC federal tax credit for 2019. How will that impact taking money out of my IRA?

I will take money out of the IRA for a portion of my income along with 2 months payroll deductions (before I retired) and SSA.  Need to get the best return on the tax credit

I will be using the ITC federal tax credit for 2019. How will that impact taking money out of my IRA?

then you best do some calculating ... no one on this forum can do it for you ... 

 

Try using the 2019 or 2018 downloaded program  or  one of the tax tools here : 

 

Try these tools:

http://www.irs.gov/Individuals/IRS-Withholding-Calculator  

 https://turbotax.intuit.com/tax-tools  

http://turbotax.intuit.com/tax-tools/calculators/taxcaster  

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