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Started By
Message
re: High Earners Age 50 and Older Are About to Lose a Major 401(k) Tax Break
Posted on 9/24/25 at 1:09 pm to BluegrassBelle
Posted on 9/24/25 at 1:09 pm to BluegrassBelle
quote:
Lets be honest, taxing retirement funds has always been double dipping by the government. They get theirs when we get paid and then they get it again when you're taxed in retirement.
That’s not true for a traditional 401k though, right (as far as having been taxed when you get paid)?
0
Posted on 9/24/25 at 1:18 pm to BabyTac
145,000, you're safe baby it'll take you 5 years to make that.
Posted on 9/24/25 at 1:31 pm to ragincajun03
quote:
The Internal Revenue Service issued final rules this month on a 2022 law, which set the threshold for a high earner at more than $145,000 in wages.
That threshold seems a little low. Was the $145,000 explicitly set by the 2022 law?
Posted on 9/24/25 at 1:38 pm to Loup
quote:
frick. I don't feel like a high earner. This is bullshite.
We prioritize being a single-income family, being with our kids, and saving for retirement. My hourly net income is very good. But I too do not feel like a high earner. At all.
Insurance, groceries and energy expenses alone are obscene.
And we are taxed to absolute shite even with a whole host of tax-reducing vehicles.
Posted on 9/24/25 at 2:19 pm to McLemore
quote:
Insurance, groceries and energy expenses alone are obscene.
My wife and I are trying for a baby right now and the insurance increase will be obscene once we add a kid. We both work so it won't be too bad but it'd be tough to make it just on my income.
Posted on 9/24/25 at 2:40 pm to Loup
quote:
increase will be obscene
Off topic, but thank you for using an adjective other than ‘crazy’ or ‘insane’ to describe the increase
Posted on 9/24/25 at 2:54 pm to Upperdecker
Flat taxes and eliminate the IRS.
Add AI to the equation and 80% of CPAs and tax lawyers are gone. Time for obscene government to stop jobs that do nothing but permeate their incompetence and expand their theft.
Add AI to the equation and 80% of CPAs and tax lawyers are gone. Time for obscene government to stop jobs that do nothing but permeate their incompetence and expand their theft.
Posted on 9/24/25 at 3:44 pm to PUB
Posted on 9/24/25 at 3:46 pm to PUB
Consumption Tax. That way even Illegal Immigrants pay and everyone pays their fair share.
Posted on 9/24/25 at 4:17 pm to ragincajun03
Trump really has fricked over the conservative base
Posted on 9/24/25 at 4:37 pm to DaleGribblesMower
quote:
Trump really has fricked over the conservative base
Was Trump President in 2022?
Posted on 9/24/25 at 4:50 pm to Loup
That doesn't make sense, children's premiums used to be fairly low.
Posted on 9/24/25 at 4:52 pm to biglego
quote:
CPAs wouldn’t like it but I’m ready for a national sales tax
If they do it, then it will be on top of the other taxes. They won’t be replacing them.
Posted on 9/25/25 at 7:54 am to N2cars
quote:
That doesn't make sense, children's premiums used to be fairly low.
It wouldn't be that bad if we were just adding a kid. My wife is on her insurance and I took the high deductible option from mine. Our current premiums cost us $6,528/year plus the $2400/year I put into an HSA.
Once we have a kid we are going to combine on either my employer's or my wife's. Our premium will be $14,136 a year on mine and about the same on hers. We would save on the premium by putting my wife/kid on her employers employee+children plan but if I have to go to the doc a couple of times the savings are negated. I haven't dug to deep into yet but I'm not sure I'd want to add a newborn to a high deductible plan with no copays.
Posted on 9/25/25 at 7:58 am to Loup
Ah, ok.
We do 85/15 for employees, but we don't pay for dependant coverage.
Ins is crazy-high.
We do 85/15 for employees, but we don't pay for dependant coverage.
Ins is crazy-high.
Posted on 9/25/25 at 7:58 am to DownshiftAndFloorIt
quote:$145K puts a household in the top 10-15% of income in the US. The wealth distribution is what is insane.
Yea, I get that. I'm a simple minded fella though.
What's bullshite is $145k being considered high earning. Who the frick came up with that number? It's good money, but this makes it sound like $145k is rich. Raising a family of 4+ on $145k a year is not going to put you in the land of luxury in 2025.
Posted on 9/25/25 at 8:01 am to ragincajun03
My wife is generally politically neutral, but if the government ever tried to means test 401ks and IRAs (I know their are IRA deduction limits but I mean pulling out when we are older or taxing previously agreed non-tax items) she throw eyeblack on and go full Rambo.
Posted on 9/25/25 at 8:25 am to ragincajun03
Well someone has to pay for these Welfare Queens and illegals. I can't do it on my own.
Posted on 9/25/25 at 8:37 am to Loup
quote:
trying for a baby right now
To everyone who hasn't read the article (not saying you specifically), this only affects catch up contributions for those over age 50. It's still bullshite though
Posted on 9/25/25 at 8:46 am to HubbaBubba
quote:
Is that gross or net wages at $145k?
AGI, I suspect.
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