Wouldn't this also work nicely for a couple? Let's say your spouse will get a $5000 refund. You get a $500 refund. If you borrow $5000, knowing you can pay it back with your spouses refund, this will increase your refund by a few thousand dollars...(based on a 43% MTR)
Yes, it works great for a couple. And it's bigger than you think. If you and your spouse are already expecting refunds of $5,500 and you are in a 43% tax bracket, you can contribute $9,500 in February and then get a $9,500 refund in March. $9,500, not just $5,000.
Great vid. Thanks Ed.
Ed you’re a beauty! Thanks for sharing your knowledge and insights. It is much appreciated. Keep up the great work.
Thanks for this
Awesome
Great!!
Great video! What income brackets would you suggest this for?
Wouldn't this also work nicely for a couple? Let's say your spouse will get a $5000 refund. You get a $500 refund. If you borrow $5000, knowing you can pay it back with your spouses refund, this will increase your refund by a few thousand dollars...(based on a 43% MTR)
Yes, it works great for a couple. And it's bigger than you think. If you and your spouse are already expecting refunds of $5,500 and you are in a 43% tax bracket, you can contribute $9,500 in February and then get a $9,500 refund in March. $9,500, not just $5,000.