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Thanks guys. I would have thought there would be other possibilities, but you've given me a few to think about.
It's just a shame that the government takes such a HUGE chunk for taxes out of separation pay, just exactly when it would do the most good in that persons pocket to stay alive.
I'm a 57 (58 in another 1.5 months) year old I.T. guy that didn't need a degree to get a good job and work my way up the last 28 years. Unfortunately, the fact that I never took the time to get any degree is now making it impossible for me to find another high paying I.T. job, when they can hire Indians to replace us for only $6,000 a year.
No degree, and they won't even LOOK at your resume anymore, it doesn't matter what experience or skills you have. That degree is the first key to having any chance at all with corporations anymore.
I want to get back as large of a refund as I legally can, yet keep my hands on what separation pay I already have after they took out the 36.9% off the top. Adjusted income before below possible deductions should be about: $92k
HSA = $4750.00 left that I can still contribute (I'm over 55, and it's a family plan) Trad IRA = $6,500.00 I WAS in a 401k plan for 3/4's of the year, but no longer can contribute to it since I've been let go.
Next years RE taxes = $2,200
January mortgage interest = ~$285.00
Possibly. The limit for MFJ and covered by a retirement plan at work is 98k. If you are off a bit on your estimate, you may hit the phase-out range, but you can still take a partial deduction up to 118k. Your wife could contribute to her traditional IRA too.
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