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re: START Program
Posted on 11/21/19 at 4:33 pm to glaceau
Posted on 11/21/19 at 4:33 pm to glaceau
2 general questions for those who know a lot about the program...
(1) - are the AGI ranges for earnings enhancements for single filers or joint or both? Seems like they would list AGI ranges for different filing statuses, but maybe I'm missing something
(2) - assuming your AGI > 100k, the earnings enhancement is limited to 2%. your contribution is tax deductible for state taxes only, and your earnings are tax free (if spent on a qualified expense). It just seems like it isn't a ton of skin in the game for high earners to lock up cash like this. am i being short-sighted? it seems that if the question was max out 401k vs this, you'd go to 401k, right??
(1) - are the AGI ranges for earnings enhancements for single filers or joint or both? Seems like they would list AGI ranges for different filing statuses, but maybe I'm missing something
(2) - assuming your AGI > 100k, the earnings enhancement is limited to 2%. your contribution is tax deductible for state taxes only, and your earnings are tax free (if spent on a qualified expense). It just seems like it isn't a ton of skin in the game for high earners to lock up cash like this. am i being short-sighted? it seems that if the question was max out 401k vs this, you'd go to 401k, right??
1
Posted on 11/21/19 at 9:48 pm to kennypowers816
1) Agreed but that's how I've always read it too.
2) Think of it like this 2% + 4% (just example) = 6%. That 6% is what you're ahead of just investing on your own since it comes out tax free.
For part two of this question, this is a very individual specific question. It would depend on whether your goal was fund retirement (are you behind and need to max out?) or education (did you have student loans and not want your kids to have them?). Or any number of other personally specific questions. Is the 19k a finite amount - are they mutually exclusive? Can't do both, etc?
2) Think of it like this 2% + 4% (just example) = 6%. That 6% is what you're ahead of just investing on your own since it comes out tax free.
For part two of this question, this is a very individual specific question. It would depend on whether your goal was fund retirement (are you behind and need to max out?) or education (did you have student loans and not want your kids to have them?). Or any number of other personally specific questions. Is the 19k a finite amount - are they mutually exclusive? Can't do both, etc?
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