Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Let's assume a situation where the person doesn't have a mortgage or any other debt. A rental place where the interest is a tax write-off (but unfortunately offset by the rent collected 'income'). also maxing 401k and ira. (wife is self employed and does not contribute to a 401k, but does so to an ira)
what can the person in this situation do to lower tax liabilities (if any)?
We both have a roth, but i'm thinking of changing both to traditional for 2014. we're contributing 5500 a piece. The problem is that she only makes about 10k right now, working only part time, given two toddlers...
We both have a roth, but i'm thinking of changing both to traditional for 2014. we're contributing 5500 a piece. The problem is that she only makes about 10k right now, working only part time, given two toddlers...
You cant have a traditional, make deductible contributions and be covered by a 401k. Starting an Ira for her with deductible contributions would lower your income
You cant have a traditional, make deductible contributions and be covered by a 401k. Starting an Ira for her with deductible contributions would lower your income
I'm not sure i understand the above. can you please explain?
Quote:
Originally Posted by LordSquidworth
What's your age and tax bracket?
33 and 35. not sure about the bracket........probably 25%
maybe it is.
i'm trying to find ways of legally lowering my tax obligations, if that makes more sense.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.