I might have shot myself in the foot before making my purchase…
I’m not sure I will have $7500 in liability when taxes come around 2019. I currently make about ~49k from my job. I only work this job M-F, 9-5, salaried. I have contributed 3.7k into my company 401k for 2018 (and 1.7k back in 2017). I also elected to do the tax deductible FSA program which amounts to 2.65k for 2018. My parent have paid off the mortgage and I am co-owner of the home.
What can I do to increase my tax liability to get the most of the EV federal tax credit at this point? I was planning on rolling my 401k into a roth IRA and hopefully not take the property tax on my tax form this year (since I believe that is a tax deduction?). I was also thinking I will try to pick up a second job as a waiter to increase my income and therefore my tax liability.
I’m not sure I will have $7500 in liability when taxes come around 2019. I currently make about ~49k from my job. I only work this job M-F, 9-5, salaried. I have contributed 3.7k into my company 401k for 2018 (and 1.7k back in 2017). I also elected to do the tax deductible FSA program which amounts to 2.65k for 2018. My parent have paid off the mortgage and I am co-owner of the home.
What can I do to increase my tax liability to get the most of the EV federal tax credit at this point? I was planning on rolling my 401k into a roth IRA and hopefully not take the property tax on my tax form this year (since I believe that is a tax deduction?). I was also thinking I will try to pick up a second job as a waiter to increase my income and therefore my tax liability.