Your AGI can be significantly lower, ex. if you max out 401k and HSA thats $25k

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Mar 25, 2020
10:59:34am

BYUFootballisBack All-American

Your AGI can be significantly lower, ex. if you max out 401k and HSA thats $25k

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BYUFootballisBack

Previous username: oddsewer
Bio page: BYUFootballisBack
Joined: Apr 29, 2007
Last login: May 2, 2024
Total posts: 14,008 (722 FO)

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Messages

Author

Time

POLL: Is your current household income above $150K?

mwcoug

3/25/20 10:40am

As far as the IRS knows, no

Nikomedes

3/25/20 10:40am

RE: As far as the IRS knows, no

garyfan

3/25/20 10:41am

Well they do now

Kelbob

3/25/20 10:46am

The NSA has intercepted this message and federal agents are en route.

Pro Logic

3/25/20 10:47am

RE: As far as the IRS knows, no

ReyOso

3/25/20 10:48am

It’s not income right? It’s agi? Which probably means closer to 200k in income

cougarfann888

3/25/20 10:41am

Idk, my AGI is pretty close to my overall gross.

JuicyJam

3/25/20 10:56am

Your AGI can be significantly lower, ex. if you max out 401k and HSA thats $25k

BYUFootballisBack

3/25/20 10:59am

Well if that's true, I'm an idiot. My 401k and HSA contributions haven't been

JuicyJam

3/25/20 11:19am

Student loan interest, hsa, retirement contributions. If you are making over 150

cougarfann888

3/25/20 11:29am

Well now I'm confused as to why the tax software isn't catching this.

JuicyJam

3/25/20 11:43am

Which software are you using? Also are if they are being pulled out by your

BYUFootballisBack

3/25/20 1:30pm

Why is CB so obsessed with this issue?

Corn Pop

3/25/20 10:42am

Probably because it's a huge topic in the news today

mwcoug

3/25/20 11:13am

Current, or 2018 (2019 if filed)?

BYUCLA

3/25/20 10:43am

is that the official cutoff for stimulus money?

buckeyecougarguy

3/25/20 10:49am

It looks like, rather than a cutoff, there's a reduction beyond the $150k

Breaded Hamster

3/25/20 11:03am

Yep $5 reduction for every $100 you make over $150k up to $198, but looks like

BYUFootballisBack

3/25/20 11:10am

Median Household Income in Utah = $62.5K

CosmoK

3/25/20 10:51am

Pretty clear the Utes are dragging the average down.

chago04

3/25/20 10:53am

That includes a lot of students I would assume

MikeDitka'sStache

3/25/20 10:53am

It includes every household. So, yeah.

CosmoK

3/25/20 10:59am

I had a one time thing in 2019 that puts me into phase out territory.

Ojiisan

3/25/20 10:52am

Same here.

jrob30

3/25/20 10:55am

Same here. One timer in 2018 and haven't filed yet in 2019

irmocoug

3/25/20 11:05am

Wow, a lot more over 150K than I would have thought. One day, my friends...one day...

BlueBlood94

3/25/20 11:03am

Lots of people live in expensive places like SF, Seattle, and NY

Breaded Hamster

3/25/20 11:06am

If they are buying real estate, they are building wealth, though.

CosmoK

3/25/20 11:10am

Per month?

3/25/20 11:28am

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