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re: Help me with my taxes
Posted on 5/6/25 at 3:07 pm to tigerbait17
Posted on 5/6/25 at 3:07 pm to tigerbait17
quote:
Fair point, I did leave out my whole goal. I would like to lower my tax burden overall.
The only way to do this is to defer some of your income, can you afford that?
A simple way to put it, every dollar of your income you defer into taxed advantaged accounts, you save about $.20 in taxes
1
Posted on 5/6/25 at 3:24 pm to Mingo Was His NameO
If high income more likely 22-24% plus any state income tax. Not saved either, just deferred. There isnt even a 20% bracket so that's an odd rule of thumb for you to suggest.
Could even be 32%+ if both OP and spouse are high income.
Could even be 32%+ if both OP and spouse are high income.
This post was edited on 5/6/25 at 3:27 pm
Posted on 5/6/25 at 3:37 pm to TorchtheFlyingTiger
quote:
If high income more likely 22-24% plus any state income tax. Not saved either, just deferred. There isnt even a 20% bracket so that's an odd rule of thumb for you to suggest.
It’s an estimation, some of you are fricking ridiculous
Posted on 5/6/25 at 3:50 pm to tigerbait17
The plan failing testing is aggravating, but the fact it even exists may limit you from making your own deductible traditional IRA contributions. If you get a refund it’s fine, you’ll know you didn’t leave any money on the table.
Ask the plan administrator where the cutoff usually is for highly compensated employees and shoot for that number +5% or something like that.
Ask the plan administrator where the cutoff usually is for highly compensated employees and shoot for that number +5% or something like that.
Posted on 5/6/25 at 9:05 pm to tigerbait17
quote:
I feel like I will always have to pay but dont want to unexpectedly have to pay 7k again. I am just looking for the smartest way to do this.
Folks are complicating this for you.
Claim zero and none vs zero and 1. That should help. Is the correct, most useful answer.
Next year you will claim married/jointly and your tax burden will look different.
Posted on 5/6/25 at 9:38 pm to DMAN1968
Nothing about changing his W-4 will help him pay fewer taxes.
Posted on 5/6/25 at 9:43 pm to slackster
quote:
Nothing about changing his W-4 will help him pay fewer taxes.
If I were him, I’d just make no money that way I didn’t have to pay any taxes
Posted on 5/6/25 at 10:30 pm to tigerbait17
OP, read this:
HIgh compensation rules regarding 401k
In ~ September use this or something similar to test where you are YTD and determine what you need to do to stay within tax limits so your tax bill doesn't surprise you in December. I used the dinkytown.net site for years for tax planning and it's free, it you use the proper inputs it is very reliable.
HIgh compensation rules regarding 401k
In ~ September use this or something similar to test where you are YTD and determine what you need to do to stay within tax limits so your tax bill doesn't surprise you in December. I used the dinkytown.net site for years for tax planning and it's free, it you use the proper inputs it is very reliable.
Posted on 5/6/25 at 10:41 pm to slackster
quote:
Nothing about changing his W-4 will help him pay fewer taxes.
No but it will help with what he owes at the end of the year. One of the things he is trying to avoid is paying a lump sum of 7k. Having more taken out of your check weekly will help.
They cap me at 6% contribution into my 401k and I’ve never gotten a refund. My selected contribution is 20% but once I made over the HCE amount they capped me. It’s been that way for 11 or 12 years now.
Posted on 5/6/25 at 11:01 pm to tigerbait17
You won’t be able to max 401(k) because your company is failing testing
Does the company offer a non-qualified deferred compensation plan?
Does the company offer a non-qualified deferred compensation plan?
Posted on 5/7/25 at 1:37 am to slackster
quote:
Nothing about changing his W-4 will help him pay fewer taxes.
quote:
No but it will help with what he owes at the end of the year.
This was the original question.
Posted on 5/7/25 at 7:23 am to DMAN1968
quote:
This was the original question.
It’s like y’all just ignored 2 of his 3 paragraphs.
This post was edited on 5/7/25 at 7:24 am
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