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Is there any way I can decrease the 1500 that I owe on my federal taxes this year?

Forum|Forum|7 years ago
June 3, 2019
1 reply
11 views

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Best answer by AnnetteB6

At this point in the filing process for 2018 taxes, there is not much you can do to affect your bottom line.

The only tools you have in your arsenal are as follows: to see if you are qualified to make a deductible contribution to a Traditional IRA or a self-employed retirement plan if you have self-employment income; make a contribution to a Roth IRA that would allow you to claim a Saver’s Credit; or if you were enrolled in a High Deductible Health Plan (HDHP) and you have not yet contributed to a Health Savings Account (HSA). Nothing else comes to mind for things that you are allowed to do after December 31st of the tax year to affect your current year tax return.

AnnetteB6Answer

Level 15

At this point in the filing process for 2018 taxes, there is not much you can do to affect your bottom line.

The only tools you have in your arsenal are as follows: to see if you are qualified to make a deductible contribution to a Traditional IRA or a self-employed retirement plan if you have self-employment income; make a contribution to a Roth IRA that would allow you to claim a Saver’s Credit; or if you were enrolled in a High Deductible Health Plan (HDHP) and you have not yet contributed to a Health Savings Account (HSA). Nothing else comes to mind for things that you are allowed to do after December 31st of the tax year to affect your current year tax return.

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