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It's Tax Payback Time!1 min read
If you took certain actions in a prior year, you may now have additional taxes due on your 2011 tax return. Here are the details:
HOME BUYER CREDIT: If you bought a home in 2008 and took the first-time home buyer credit, you have another repayment installment due with your 2011 tax return. The 2008 tax credit was an interest-free loan that you have to pay back over a 15-year period.
ROTH CONVERSIONS: If you converted a traditional IRA to a Roth IRA in 2010 and opted to split the tax due from the conversion between 2011 and 2012, your first half of the tax is due on your 2011 tax return.
If you have questions regarding either of these two repayments, please contact our office at (317) 782-3070 or visit www.simonsbitzer.com.
By Simons Bitzer
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