401K

[oldngray]

I know, that's why I want a good website to guide me through the whole transition. I hear Medicare is raised, if you make too much money every year. Want to keep everything as low as I can.

I wonder how much Medicare premiums get higher? Hmmm. If not that much, maybe I'm fretting for nothing.

Medicare went up about $5 to $174.70/month this year for part A and B which everyone gets. Definitely get a good Medicare Advantage Plan which is part C and costs from nothing extra to a few dollars more on top of the cost for A and B.

 

[upschuck]

Yep the last time I used TurboTax it was close to $200 with me doing all the work. I think I paid a little over 300 for actual tax person to prepare it and do it all for me. Much less stress.

I use the cash app tax. It's free, and is about exactly what TT would have been.

 

[IVE GOTTA PACKAGE 4U]

They take the last 3 years average, correct? But converting a 401k counts towards that amount, I believe.

Don't worry about converting

Put your future contributions into the Roth.

You'll be fine.


What's got you so fired up about taxes my green friend?

 

[upschuck]

Don't worry about converting

Put your future contributions into the Roth.

You'll be fine.


What's got you so fired up about taxes my green friend?

Id rather keep my money

 

[IVE GOTTA PACKAGE 4U]

Id rather keep my money

Well if you change your contribution rate from pre-tax to raw you will get the keep all that new money going forward
You just won't get the tax break right now

 

[upschuck]

Well if you change your contribution rate from pre-tax to raw you will get the keep all that new money going forward
You just won't get the tax break right now

I know, I want both. Probably change next year.

 

[IVE GOTTA PACKAGE 4U]

I know, I want both. Probably change next year.

You can't have both

 

[Johney]

You hearing this @Johney???

I gave up listening.

 

[Darmark7]

We have the rest of this year and next year before it goes back to the old tax brackets

Oh don’t worry those Trump tax breaks didn’t help us it only helped corporations. Right?

 

[IVE GOTTA PACKAGE 4U]

Oh don’t worry those Trump tax breaks didn’t help us it only helped corporations. Right?

Our current tax rate will expire at the end of next year
The tax rate will not be the same and the brackets would be lowered so you're getting to the next tire tax bracket earlier.
. Biden already said, before he dropped out of the race...

That he would let them expire and not renew them

 

[Thebrownblob]

Our current tax rate will expire at the end of next year
The tax rate will be the same but the brackets would be lowered so you're getting to the next tire tax bracket earlier.
. Biden already said, before he dropped out of the race...

That he would let them expire and not renew them

That will already squeeze Americans that have been squeezed by inflation even further. Not a very good idea in my opinion.

 

[IVE GOTTA PACKAGE 4U]

That will already squeeze Americans that have been squeezed by inflation even further. Not a very good idea in my opinion.

The current low 12% tax bracket will jump to 15% and the 22 tax bracket will jump to 25%

And you will reach them thresholds at a much lower wage so your taxes are going to go up quite a bit in 2026

 

[Thebrownblob]

The current low 12% tax bracket will jump to 15% and the 22 tax bracket will jump to 25%

And you will reach them thresholds at a much lower wage so your taxes are going to go up quite a bit in 2026

Woo

Bend over!!!


I love taxing the rich!!!

Wait a minute when did I get rich?

 

[IVE GOTTA PACKAGE 4U]

Woo

Bend over!!!


I love taxing the rich!!!

Wait a minute when did I get rich?

SOB?

 

[Over70irregs]

Toughen up. $ is volatile which leads to wars and talk of wars.

 

[Thebrownblob]

Toughen up. $ is volatile which leads to wars and talk of wars.
View attachment 495264

Our dollar is backed by war

 

[Over70irregs]

This is when you realize you didn’t save enough and need to work 5 more pension years.

 

[Coldworld]

I gave up listening.

I reckon some day hell will finally freeze over and the magnificent green SOB will finally hang it up...when that happens, well, the world may never know.

 

[IVE GOTTA PACKAGE 4U]

I reckon some day hell will finally freeze over and the magnificent green SOB will finally hang it up...when that happens, well, the world may never know.

Maybe tomorrow.....

 

[Over70irregs]

Maybe tomorrow.....

Big announcement?