Posted by
Member since May 2017
56 posts

Tax liability and investments
I did a preliminary tax return and found out that we didn't withhold enough this year and will owe. Can I open an individual IRA to help reduce my taxes?
My company doesn't match so I don't have a 401k
Wife and I currently max out our Roths ( the only thing we currently have investments)
I have extra $ and would rather invest it than pay taxes if I can reduce my tax burden.

Illinois Fan
The Gym
Member since Jun 2015
4967 posts

re: Tax liability and investments

A note about Roth and Traditional IRAcontributions: The limit is per taxpayer, not per account. That means you cannot contribute $5,500 to a Roth IRA and $5,500 to a Traditional IRA in 2018 or $6,000 to each in 2019. Rather, you can contribute the totalamount, split across the different IRAs as you see fit.

If you have a HDHP, you could be eligible to participate in an HSA. Contributions to your HSA would lower your tax liability.

I started a thread in here on it today.
This post was edited on 2/10 at 1:14 pm

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