Thu 28 Dec 2006
This week, My Personal Finance Blog hosts The Carnival of Personal #80.
A Financial Revolution’s contribution this week is Make the Most of your Roth IRA.
Popularity: 8%
2 Responses to “AFR on Carnival of Personal Finance #80”
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December 29th, 2006 at 2:01 pm
So does this mean that if I claim 19 exemptions, I can pay no taxes and put all the money into an interest bearing account and then pay it when tax time comes and keep the interest to myself (knowing that I have to pay taxes on the interest)?
December 29th, 2006 at 2:14 pm
In short, the answer is no.
This is CLOSE to the hint that I will offer up next week. However, there are a lot of caveats that come with the strategy I will propose.
For example, there might be a little rule that if you owe the IRS more than $1000, you get penalized. Uh oh!
Stay tuned for more. Good comment though :-) Nice insight.