Just finished my taxes with Turbo Tax, I owe roughly $2,000 to the IRS. This is because I have self-employment income, which fluctuates, and I went from working full-time to student full-time so my estimate of what I'd owe was off.
I maxed out my ROTH contributions for myself and my wife at $11,000 last year. However if I "re-characterize" (I think this can be done) those from the Roth to a traditional IRA (which I already have opened), it'll cut my tax bill from $2,000 to at least $1,000.
I'm strongly considering doing this, however I like the idea of the later-on tax benefits of the Roth, so I'm just curious to hear people's opinions.
As a side note, it's not an issue for me to foot this bill.
Thanks!