How to lower taxable income?

THE THRIFT SAVINGS PLAN ALLOCATION GUIDE Forums Message Board How to lower taxable income?

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This topic contains 1 reply, has 2 voices, and was last updated by  TS Paul 3 years, 11 months ago.

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  • #15934

    d_dejesusjr
    Participant

    Have one quick question. Will be buying new home and renting current. Next year will have to repay the First Time Home Buyer loan ($5000). Looking for ways to lower my taxable income for next year. Currently only contributing 5% towards TSP. Was thinking about contributing more. Questions is, should I do it towards regular TSP of Roth? Will also go to zero dependents in order to take a lesser hit come next tax year. Any advise will help. Thanks in advance.

    #15991

    TS Paul
    Keymaster

    Roth TSP contributions are made with after-tax money, so that wouldn’t reduce your income for next year. Upping your traditional TSP contributions would do what you are looking for.

    Hopefully some folks who spend more time thinking about tax issues will weigh in with some other ideas as this is definitely not my area of expertise.

    The TSP Allocation Guide www.TSPallocation.com

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