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.
Ed you’re a beauty! Thanks for sharing your knowledge and insights. It is much appreciated. Keep up the great work.
Great!!
Thanks for this
Awesome
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 video! What income brackets would you suggest this for?