Talk me into or out of this crazy idea (tax related)

So, due to a math error made last January, i find myself owing roughly $1000 in federal tax.
I could pay it, but I also realized this crazy scheme is available -

If I can take $6500 in deductions I can reduce my tax bill to 0.
I have room in my IRA and HSA to accept $6500 in tax year 2016 contributions.
I don’t have $6500 lying around at the moment.

I do have a credit card with a balance transfer offer of 0% until the end of Sept 2018, with a 2% transfer fee. They will “balance transfer” straight to my checking account. I do not carry a balance on this (or any other) card.

I take $6500 (+ $130 in fees) from this card, deposit to checking, then deposit to my tax-advantaged accounts, take the deduction, save for my future, and make relatively modest payments over the next year and a half to pay myself (the 0% card) back.

It seems win-win, as I net something like $770 from the deal, and up saving a few more grand for my old age. There is the issue of making the monthly payment but it would be significantly less than a student loan payment we had been making until recently.

Caveats I should consider?

(the $6500 and $1000 numbers are rounded for convenience)

Better to pay yourself than somebody else.

What if unexpected expenses prevent you from paying back the $6,500? What if you just forget to make one or more regular payment?

The plan is fine. As someone pointed out, you have to make the payments.

Even if you screw up at least you’ve saved $6500 into your IRA.

Well, yes that is the risk, as the balance will then shift to usurious credit card rates.

I can mitigate the second risk with automatic payments.
If I find myself in a situation where i can’t cover the payments I have other cheaper financing options available to me. There is always the risk that those options won’t be available if I need them if the unexpected expense is large enough.

The “math error”, by the way, was a mistake in filling out my w-4 exemptions after my son was born, probably due to some sleep-deprived fog. " enter “2” for each eligible child; then less “1” if you
have two to four eligible children or less “2” if you have five or more eligible children. " is not exactly a new-parent friendly instruction.

No matter how good an idea is, you can always say “What if something goes horribly wrong?” Most of the time, you have a certain optimism that things will not go horribly wrong, and use sound ongoing judgment to reduce the risks, and this is how a fairly well-planned life moves along successrully and fruitfully.