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tax saving ideas, Help

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Money Talk > Taxes

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randypape
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tax saving ideas, Help  Reply with quote  

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
Post Thu Dec 31, 2009 3:12 pm
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oldguy
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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.
Post Thu Dec 31, 2009 5:34 pm
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randypape
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taxes  Reply with quote  

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.
Post Thu Dec 31, 2009 10:10 pm
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randypape
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taxes  Reply with quote  

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
Post Fri Jan 01, 2010 2:26 pm
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randypape
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taxes  Reply with quote  

thanks for your replies Mr. coaster Smile i will check these out and Happy New Year to you.
Post Fri Jan 01, 2010 4:18 pm
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john milton
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save tax  Reply with quote  

hi
i am john milton
if you want to safe your tax
my suggestion is you can take
a insurance policy
Post Wed Apr 14, 2010 9:09 am
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pimarwan
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Hey John Milton its a great idea. thanks for giving this idea. it makes us rich fast.
Post Thu Apr 15, 2010 10:49 am
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prioritytaxgroup
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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.
Post Sat Aug 23, 2014 5:24 am
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