Tax Day

[dcline9163]

You also can do traditional IRA's for the both of you. I always did one on each of us for about $6500.00 each, in return my refund always paid for 1 of them nearly.

Highlights of changes for 2024. The contribution limit for employees who participate in 401(k), 403(b), and most 457 plans, as well as the federal government's Thrift Savings Plan is increased to $23,000, up from $22,500. The limit on annual contributions to an IRA increased to $7,000, up from $6,500.

 

[GFB]

Anyone else making major changes to their tax planning this year after filing?

Yep

 

[Spas-12 Owner]

Highlights of changes for 2024. The contribution limit for employees who participate in 401(k), 403(b), and most 457 plans, as well as the federal government's Thrift Savings Plan is increased to $23,000, up from $22,500. The limit on annual contributions to an IRA increased to $7,000, up from $6,500.

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

 

[dcline9163]

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

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.

 

[GFB]

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

Backdoor Roth IRA: Definition, Rules and How To Open One - NerdWallet

A backdoor Roth IRA lets you convert a traditional IRA into a Roth IRA, which could save on taxes. Backdoor Roths are an option if your income is too high for a Roth IRA.

www.nerdwallet.com

 

[basstracker89]

What happens if you just don't do it? Serious question. Like for 2 years.

I wouldn't wish that on anybody

 

[basstracker89]

**** them. I paid out.
View attachment 7126178

What you need is an other dependent.........

 

[Allsmiles]

**** them. I paid out.
View attachment 7126178

That looks like filling up the RAV4 and Prius.

 

[basstracker89]

I thought tax day was October 15th

You'll get a hyper interest reward.........

 

[Spas-12 Owner]

What you need is an other dependent.........

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