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Old 05-10-2017, 06:31 PM
 
8,238 posts, read 6,556,352 times
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Quote:
Originally Posted by Perryinva View Post
Well, you always get the 7% savings of no FICA and Med. And after 65, a bigger exemption. But for anyone with appreciable pensions, as Matt always says, the paycheck never stops. I'd still rather have $150k in taxable income, than $50k tax free, any day....
definitely!
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Old 05-10-2017, 06:36 PM
 
106,236 posts, read 108,214,612 times
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There is no more bigger exemption after 65. They stopped that a few years ago and cut the threshold for medical deductions from 10% to 7-1/2% for age 65 or older
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Old 05-10-2017, 06:45 PM
 
1,959 posts, read 3,094,466 times
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No ! I'm getting killed and it really angers me.
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Old 05-10-2017, 06:52 PM
 
31,680 posts, read 40,965,089 times
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Quote:
Originally Posted by Perryinva View Post
Well, you always get the 7% savings of no FICA and Med. And after 65, a bigger exemption. But for anyone with appreciable pensions, as Matt always says, the paycheck never stops. I'd still rather have $150k in taxable income, than $50k tax free, any day....
Now that is a Bada Bing I can relate to
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Old 05-10-2017, 06:56 PM
 
Location: SF Bay Area
2,160 posts, read 3,318,796 times
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I have a much higher income now than when I worked....and I'm paying much higher taxes. But, I'd rather have it this way (higher income/more taxes paid) than the other way around.
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Old 05-10-2017, 07:50 PM
 
Location: RVA
2,766 posts, read 2,072,731 times
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Quote:
Originally Posted by mathjak107 View Post
There is no more bigger exemption after 65. They stopped that a few years ago and cut the threshold for medical deductions from 10% to 7-1/2% for age 65 or older
Really? I guess since we aren't 65 yet, I never noticed. I really though the standard deduction was larger for 65 and up! Well, at least Virgina exempts the first $12k of income for each of us from state taxes.
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Old 05-10-2017, 07:58 PM
 
54 posts, read 33,398 times
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Quote:
Originally Posted by mathjak107 View Post
There is no more bigger exemption after 65. They stopped that a few years ago and cut the threshold for medical deductions from 10% to 7-1/2% for age 65 or older

There is a higher standard deduction if you don't itemize and you are over 65. This is from the IRS regs:

Higher standard deduction for age (65 or older). If you don't itemize deductions, you are entitled to a higher standard deduction if you are age 65 or older at the end of the year. You are considered age 65 on the day before your 65th birthday. Therefore, you can take a higher standard deduction for 2016 if you were born before January 2, 1952.
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Old 05-10-2017, 08:29 PM
 
262 posts, read 306,823 times
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Quote:
Originally Posted by nancymyers2000 View Post
There is a higher standard deduction if you don't itemize and you are over 65. This is from the IRS regs:

Higher standard deduction for age (65 or older). If you don't itemize deductions, you are entitled to a higher standard deduction if you are age 65 or older at the end of the year. You are considered age 65 on the day before your 65th birthday. Therefore, you can take a higher standard deduction for 2016 if you were born before January 2, 1952.




In answer to the OP, we are paying more taxes than I expected.
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Old 05-10-2017, 08:48 PM
 
Location: Central NY
5,946 posts, read 5,098,041 times
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I do not pay any taxes. And I live in NY state, land of taxes!

Guess you can figure my income isn't so great.

But I am not complaining. I learned a long time ago to be grateful for what I have. And I am.
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Old 05-10-2017, 11:33 PM
 
Location: Arizona
3,148 posts, read 2,717,674 times
Reputation: 6061
I keep my AGI under the 25% rate, which is just under 40k. I purposely stay in the 15% tax bracket with my part-time W2 job.
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