Let’s say, after deductions, a military couple expects their taxable income to exceed the phase-out limit for the American Opportunity Tax Credit (AOTC) by about $11,000. If they chose to put $11,000 of their income into a traditional (pre-tax) TSP account, they could lower their tax...
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Some people open or convert to Roth IRAs because they fear an increase in taxes in the future, and this type of IRA allows them to lock in the current tax rates on the balance of their conversions. Executives and other highly compensated employees who are able to contribute to a Roth reti...