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I was saying how to pay less in taxes. My comment had nothing to do with you.
You quoted my post but ok, my mistake. In my case that didn't work out. I had a big mortgage but wasn't able to take the deduction or it had something to do with AMT. I can't remember. I also remember the personal deductions were phased out.
And that does not include retirement accounts or your primary residence.
Now, I can get done what I want to do with $250k a year (bc my kids' 529s are done, house paid off, etc). Insurances (health, life, car, house - with healthcare making up the vast majority), property taxes, and basic utilities would take $60-70k of that. Another $70k for the private school tuition. $40-50k for vactions. Rest for day-to-day living, home upkeep, charity, food, kids' sports/music/etc, new car savings, etc.
Unfortunately, ~60% of my net worth is in my home, 401k, and 529s.
What's left in investments would only get me about $100k a year. So it's off to work I go.
I am not sure how your comment relates to mine. I was just saying that if I make $500,000 a year, with the expenses that I happen to have, I feel like I am rich. That was the question on the table.
Now, if I want to earn that without working, that is, from investments, I would need about $10 million. It does not matter whether the $10 million is in retirement accounts or some other kind of account, although the amount of tax I would have to pay varies with the way the investments are configured.
You quoted my post but ok, my mistake. In my case that didn't work out. I had a big mortgage but wasn't able to take the deduction or it had something to do with AMT. I can't remember. I also remember the personal deductions were phased out.
With the amount that you complain about tax obligations the fact you are unsure if you paid amt or can't remeber is highly suspect. Either you don't make the money you say you do or your rants about how much has to be paid are off base because you should know the answers based on your repeated posts on the topic
With the amount that you complain about tax obligations the fact you are unsure if you paid amt or can't remeber is highly suspect. Either you don't make the money you say you do or your rants about how much has to be paid are off base because you should know the answers based on your repeated posts on the topic
Making more money is feasible at any income level, but reducing expenses is not feasible at any income level.
Sure, but it is a strategy to free up more money for ones 401K, which would reduce ones taxable income, which is what we discussing.
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