Possibly. But once you make too much, you don't get any of the freebies

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May 26, 2015
7:42:54am

slappy

Possibly. But once you make too much, you don't get any of the freebies

For example, after you go over $200k you don't even get to contribute to a Roth IRA.

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slappy

Bio page: slappy
Joined: Dec 1, 2001
Last login: Apr 27, 2024
Total posts: 15,370 (221 FO)

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Messages

Author

Time

Any tax experts? There seems to be an income level where you just get shafted on

5/26/15 7:29am

What is your effective tax rate?

kccougar

5/26/15 7:34am

You should get $1000 per child no matter your income level. Also, why wouldn't

rggee

5/26/15 7:35am

I lied. It starts to phase out at $110K for married filing jointly

rggee

5/26/15 7:36am

And $160K for the student loan interest. If your AGI is above that, you are

rggee

5/26/15 7:38am

I got to deduct a whoppin 1.6% of my student loan interest this year. #soblessed

WDaddy

5/26/15 7:43am

Talk to a tax accountant. They can help. Worth the money.

WDaddy

5/26/15 7:36am

Dramatically reducing your income is the most effective way to cut

dilbert

5/26/15 7:38am

No credit for kid, medical expenses, or student loan interest? No offense, but

Mister P

5/26/15 7:38am

Possibly. But once you make too much, you don't get any of the freebies

slappy

5/26/15 7:42am

Welcome to AMT

workindev

5/26/15 7:43am

It sucks and is a desert wasteland. Makes it very hard to accumulate wealth

jota

5/26/15 11:29am

Tip: Don't hire Mister P as your accountant

jbcoug

5/26/15 7:45am

Welcome to the title of being "rich".

Acorn

5/26/15 7:39am

I just wish "richness" were determined by net worth, in which case we'd be poor.

5/26/15 7:50am

This is the problem. Everyone wants someone else to pay.

Acorn

5/26/15 7:57am

I have four siblings, and the ones with the highest net worth are also the ones

5/26/15 8:13am

Wow. Some good insight there

TNT

5/26/15 8:25am

Big thumbs up for the Elder Maxwel quote. I'd never heard that one. Thanks.

squidmark

5/26/15 8:42am

yeah....

Belboz

5/26/15 8:39am

You should get tax benefits from some of those items until you're at

hansel

5/26/15 7:39am

First world problem "I make too much money"

TeeKaa

5/26/15 7:41am

Paying the money isn't the worst...its having so many people whining for more

Fdnman

5/26/15 8:08am

Not to mention the sacrifices you made in your life to get to the point

kotacoug

5/26/15 8:37am

Once you hit 39.6%, tax credits are pretty much not an option

UbanUte

5/26/15 7:52am

TNT doesn't pay much

TNT

5/26/15 8:15am

^^^Claimed as a dependent on another tax return.

El Fuego

5/26/15 8:21am

How dare you. Ignored!

TNT

5/26/15 8:22am

What? Are you joking? No one claims TNT. Not even Cougarboard.

5/26/15 8:33am

Thank you. Hopefully Fuego learned his/her lesson

TNT

5/26/15 8:35am

Welcome to the 1% all the Libs talks about. Do you feel rich? Me neither.

fulano

5/26/15 8:23am

There are certain levels that tax deductions fade out. There are a number of

My Soapbox

5/26/15 8:47am

What the govt does to those like you truly upsets me.That said, there are some

Incentivize

5/26/15 9:04am

Dang. If only TNT owned real estate

TNT

5/26/15 9:20am

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