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Posted by
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Bonus - Tax Implications
Posted by Mr. Curious
on 7/1/14 at 8:58 pm
0
0About to receive a 100% bonus as a retention incentive. Already over the Social Security yearly limit. Anything I should due to limit Uncle SAM's take? TIA.
re: Bonus - Tax ImplicationsPosted by eng08 
on 7/1/14 at 9:55 pm to Mr. Curious
on 7/1/14 at 9:55 pm to Mr. Curious100% bonus, so doubling your yearly salary?
Max the 401k for the year, Max the wife's 401k, Max the Roth.
Max the 401k for the year, Max the wife's 401k, Max the Roth.
re: Bonus - Tax ImplicationsPosted by barry 
on 7/2/14 at 11:01 am to Mr. Curious
on 7/2/14 at 11:01 am to Mr. Curiousquote:
About to receive a 100% bonus as a retention incentive.
That is a hell of a retention incentive.
re: Bonus - Tax ImplicationsPosted by Shepherd88 on 7/2/14 at 12:07 pm to barry
Defer as much as you can to Qualified plans, as mentioned before. I changed on my benefits package that more be held specifically from bonuses for traditional 401k contributions vs what comes from my salary/commissions. Employers typically w/h the max from your bonuses.
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re: Bonus - Tax ImplicationsPosted by sneakytiger on 7/2/14 at 1:47 pm to ISDSTiger
on 7/2/14 at 1:47 pm to ISDSTigerThanks. I'm in a similar situation as the OP and this helps a lot. I do worry about what happens when they close the loophole though... think the IRS would put some sort of "clawback" for the high earners that took advantage of this?
re: Bonus - Tax ImplicationsPosted by iknowmorethanyou on 7/2/14 at 1:57 pm to Mr. Curious
on 7/2/14 at 1:57 pm to Mr. CuriousYou can give everyone who posts in this thread up to $14,000.
re: Bonus - Tax ImplicationsPosted by ISDSTiger 
on 7/3/14 at 1:25 pm to sneakytiger
on 7/3/14 at 1:25 pm to sneakytigerquote:
Thanks. I'm in a similar situation as the OP and this helps a lot. I do worry about what happens when they close the loophole though... think the IRS would put some sort of "clawback" for the high earners that took advantage of this?
I do this each year and try not worry about future tax code changes. They talk about taxing my 401k in a few years (or more) but I'm still going to max it out for the foreseeable future.
If there were a clawback, wouldn't it only be taxed on the difference between Roth IRA and Traditional IRA?
re: Bonus - Tax ImplicationsPosted by b-rab2 on 7/3/14 at 1:31 pm to Mr. Curious
on 7/3/14 at 1:31 pm to Mr. CuriousIf you have a health saving account, can't you put some of it in there since its you don't pay tax on it? or am I totally wrong?
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