Tax Day

[basstracker89]

I've maxed out my 401k the last 5 years or so and since I'm over 55 that is a chunk of change missing from checks. Trying to play the long game and retire shortly (like very shortly). Refund is mainly because the wife made less in her contract job; but that means I get to see her more.

Or she gets to supervise you more.......

 

[Spas-12 Owner]

That looks like filling up the RAV4 and Prius.

My wife loves her blue RAV4

 

[basstracker89]

Right! 3 kids and a SAHW just wasn't enough.

Hard to get by the ole tax man. At least if you don't want to be looking over your shoulder all the time

 

[Spas-12 Owner]

Hard to get by the ole tax man. At least if you don't want to be looking over your shoulder all the time

I learned that lesson the hard way.

 

[basstracker89]

Traditional and Roth are two different animals.

Traditional IRA vs. Roth IRA: What you need to know​

Traditional IRA vs. Roth IRA: What you need to know

	Traditional IRA	Roth IRA
Overview	This IRA offers you the potential to save on taxes upfront and defer them until you take distributions from the account.	This IRA helps you save for retirement with after-tax contributions that offer the potential for tax-free income in retirement.

I always chose the Roth. Taxes aren't going down. But I figure the government will have their hands in that cookie jar as well. Kids need to start early. They didn't have these programs until later in life for me. But I got on the wagon as soon as I could. What it really teaches you is to save

 

[basstracker89]

I learned that lesson the hard way.

I at least learned from other's mistakes. Decided I didn't need any of that

 

[Allsmiles]

I max out the Roth and 401k totals and just raised my withholding again. I'm looking to max everything out before I decide to retire later this year. Being debt free makes it a lot easier to do. Working on getting access to wife's 401k to increase amounts being put toward it. Since we are both past 59.5 years old, it's just money going into a different account and hopefully less taxes now and later.

 

[czub]

Fun fact, there's an income limit on being able to contribute to a Roth IRA.

Backdoor Roth IRA. Contribute to traditional IRA (non-deductible) and immediately convert* to Roth. Been doing this for years.

*Can get a bit messy if you already have funds in your traditional account.