randypape
New Member
Cash: $ 0.85
Posts: 4
Joined: 31 Dec 2009
Location: Wisconsin |
tax saving ideas, Help |
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hello, my wife and i are going to get killed in taxes this year because our Daughter needs to claim herself on her own so she can get student loans for college next year. I have 401k money still sitting in an account where it was 5yrs ago when i changed jobs. nothing gets added to this. At my work they have a pension fund where they put away 15% of your gross wages into it for you and we don't contribute anything to it and can't. so no real deductions for me off my gross income. my Wife however does have a 401k and does contribute to it. ineed some advice please as far as Roth's,etc please we certainly need to get a better handle on our finances and will do so this year for sure. thanks
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Thu Dec 31, 2009 3:12 pm |
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oldguy
Senior Member
Cash: $ 751.85
Posts: 3656
Joined: 21 May 2006
Location: arizona |
quote: ineed some advice please as far as Roth's,etc
Roths are a good idea but they have no effect on your income taxes.
Your wife's 401k gives you a tax break - so increasing that contribution will be a help next year.
As for your 5 yr old 401k, I would roll it to a Rollover IRA at a no-load company such as Vanguard and get that money working for you.
I don't know about getting killed on taxes - but losing a dependant will probably cost about $550.
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Thu Dec 31, 2009 5:34 pm |
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randypape
New Member
Cash: $ 0.85
Posts: 4
Joined: 31 Dec 2009
Location: Wisconsin |
taxes |
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no i don't believe its taxed. all i know its a self funded pension fund solely contributed to by the company to help keep long term employees. i get a statement every 6 months and they say if you quit they have up to 4yrs to give you your money,not sure what thats about or legal? thanks for the replies.
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Thu Dec 31, 2009 10:10 pm |
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randypape
New Member
Cash: $ 0.85
Posts: 4
Joined: 31 Dec 2009
Location: Wisconsin |
taxes |
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hello again, that's what i kinda heard about it. my last question is what type of roth or traditional IRA,etc am i allowed to engage in seeing i do have this company sponsored plan, i could contribute something before april 15th this year? thanks Randy
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Fri Jan 01, 2010 2:26 pm |
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randypape
New Member
Cash: $ 0.85
Posts: 4
Joined: 31 Dec 2009
Location: Wisconsin |
taxes |
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thanks for your replies Mr. coaster i will check these out and Happy New Year to you.
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Fri Jan 01, 2010 4:18 pm |
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john milton
Member
Cash: $ 2.00
Posts: 10
Joined: 12 Apr 2010
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save tax |
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hi
i am john milton
if you want to safe your tax
my suggestion is you can take
a insurance policy
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Wed Apr 14, 2010 9:09 am |
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pimarwan
Member
Cash: $ 2.00
Posts: 10
Joined: 13 Apr 2010
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Hey John Milton its a great idea. thanks for giving this idea. it makes us rich fast.
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Thu Apr 15, 2010 10:49 am |
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prioritytaxgroup
Contributing Member
Cash: $ 5.05
Posts: 25
Joined: 20 Jun 2014
Location: usa |
Tax rules allow you to contribute up to $2,000 more than what you're eligible to contribute to your RRSP without attracting the usual excess contribution penalty, which is one per cent of the excess amount for every month of the contribution year that it stays in the RRSP.
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Sat Aug 23, 2014 5:24 am |
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