Search found 19 matches

Return to advanced search

Re: What are some good income limits to know?

Thanks for the help so far. There's a lot of info to take in. I will try to read it and understand it on my own.
by cppoly
Sun Jun 09, 2013 2:14 pm
 
Forum: Personal Finance (Not Investing)
Topic: What are some good income limits to know?
Replies: 17
Views: 2624

Re: What are some good income limits to know?

What affect does capital gains have on your tax bracket? Let's say ordinary income was 50k and capital gains was 50k, is your tax bracket still 25% or now 28%? Because you already pay capital gains when the money is taken out. Your marginal tax rate is computed based on the income other than qualif...
by cppoly
Sat Jun 08, 2013 5:53 pm
 
Forum: Personal Finance (Not Investing)
Topic: What are some good income limits to know?
Replies: 17
Views: 2624

Re: What are some good income limits to know?

Thanks for input so far.

For the site: http://www.cffpinfo.com/pdfs/2013_Annual_Limits.pdf

What income are these numbers based off? AGI, MAGI, gross? Are all phaseouts using the same metrics? (For instance could be based off of AGI, and another be based off of gross?)
by cppoly
Sat Jun 08, 2013 12:54 pm
 
Forum: Personal Finance (Not Investing)
Topic: What are some good income limits to know?
Replies: 17
Views: 2624

Re: What are some good income limits to know?

What affect does capital gains have on your tax bracket? Let's say ordinary income was 50k and capital gains was 50k, is your tax bracket still 25% or now 28%? Because you already pay capital gains when the money is taken out.
by cppoly
Sat Jun 08, 2013 7:13 am
 
Forum: Personal Finance (Not Investing)
Topic: What are some good income limits to know?
Replies: 17
Views: 2624

What are some good income limits to know?

What are some basic income limits to be aware of for tax purposes? For instance, if selling stock would raise my income to a certain level then I might not be eligible for certain deductions such as student loan interest. Also ate there certain income levels to be aware of just in general?
by cppoly
Fri Jun 07, 2013 10:16 pm
 
Forum: Personal Finance (Not Investing)
Topic: What are some good income limits to know?
Replies: 17
Views: 2624

Re: Deducting student loan payment

Good point
by cppoly
Sat Apr 27, 2013 12:53 pm
 
Forum: Personal Finance (Not Investing)
Topic: Deducting student loan payment
Replies: 8
Views: 470

Re: Deducting student loan payment

Ok thanks. That's unfair if I sell $50k in stock and all of it goes to student loans, I will stay have to pay taxes on long term gains even though it's going directly to pay off debt. Oh well.
by cppoly
Sat Apr 27, 2013 10:49 am
 
Forum: Personal Finance (Not Investing)
Topic: Deducting student loan payment
Replies: 8
Views: 470

Deducting student loan payment

If I paid off my entire student loan in full of $50k this year, would any of that be tax deductible? Aside from the interest...
by cppoly
Sat Apr 27, 2013 10:08 am
 
Forum: Personal Finance (Not Investing)
Topic: Deducting student loan payment
Replies: 8
Views: 470

Re: Roth question

I think you answered my question but used the traditional 401k as the example which was opposite to my question about the Roth, but since it was the opposite it answers the Roth question. That sounds complicated, but basically I was asking about a company sponsored Roth 401k. I was comparing a Roth ...
by cppoly
Sat Mar 30, 2013 10:00 am
 
Forum: Investing - Help with Personal Investments
Topic: Roth question
Replies: 6
Views: 414

Roth question

Comparing a Roth's taxes to a regular 401k, is this true: 1) Paycheck are less 2) End of year tax liability is more For instance, $100 weekly deductions for a Roth would trigger an approximate $30 less paycheck. And tax liability at the end of the year would increase $1,300 assuming a 25% marginal t...
by cppoly
Sat Mar 30, 2013 7:20 am
 
Forum: Investing - Help with Personal Investments
Topic: Roth question
Replies: 6
Views: 414

Re: 401k vs Roth 401k tax question

I'm confused though. If Roth deductions are already taxed when the money goes into the account, why would my taxable income still remain the original $50k? Wouldn't that be taxing twice?
by cppoly
Fri Mar 15, 2013 2:15 pm
 
Forum: Investing - Help with Personal Investments
Topic: 401k vs Roth 401k tax question
Replies: 4
Views: 281

401k vs Roth 401k tax question

For a company 401k, the money is taken out pre-tax and at the end of the year my taxable income is reduced by these deductions. For instance, a salary of $50k with $5k in 401k deductions brings down my taxable income to $45k. However how does this work with a company Roth 401k? I understand that the...
by cppoly
Fri Mar 15, 2013 1:30 pm
 
Forum: Investing - Help with Personal Investments
Topic: 401k vs Roth 401k tax question
Replies: 4
Views: 281

Re: W2 question

Update: turns out I was right. The dental was not selected as pre-tax but HR said going forward it will be setup that way. The question is if it was setup wrong for past years, does the company have to reissue W2's for previous years so I can collect a proper refund?
by cppoly
Thu Jan 31, 2013 1:28 pm
 
Forum: Personal Finance (Not Investing)
Topic: W2 question
Replies: 25
Views: 1540

Re: W2 question

My paycheck doesn't have any of that... Oh well
by cppoly
Sun Jan 27, 2013 6:43 pm
 
Forum: Personal Finance (Not Investing)
Topic: W2 question
Replies: 25
Views: 1540

Re: W2 question

If all these deductions (dental, medical, etc.) have a notation on your paystub saying that they are pre-tax, then you have something to discuss with HR/payroll. As I said before, just because something is deducted from your pay doesn't make it automatically pre-tax. With my employer, one dental pl...
by cppoly
Sun Jan 27, 2013 6:15 pm
 
Forum: Personal Finance (Not Investing)
Topic: W2 question
Replies: 25
Views: 1540

Re: W2 question

Update:

I checked my paycheck, and dental is listed under the "Deductions" section along with medical, 401k, and vision....

So does this mean this is pre-tax?? That would mean this is indeed a mistake on the W2
by cppoly
Sun Jan 27, 2013 5:44 pm
 
Forum: Personal Finance (Not Investing)
Topic: W2 question
Replies: 25
Views: 1540

Re: W2 question

Unfortunatly, my HR department is not being cooperative. I only got an answer that that dental is not pre-tax and this doesn't answer the why portion because I believe it's incorrect.
by cppoly
Sat Jan 26, 2013 1:51 pm
 
Forum: Personal Finance (Not Investing)
Topic: W2 question
Replies: 25
Views: 1540

Re: W2 question

I have a document from the company saying medical, dental, and vision will be taken out bi-weekly on a pre-tax basis. To me that is enough proof. Investor 1, I did not compare pay stubs to W2 yet. But let's say the discrepancy is that my official document from the company says "pre-tax" fo...
by cppoly
Sat Jan 26, 2013 11:42 am
 
Forum: Personal Finance (Not Investing)
Topic: W2 question
Replies: 25
Views: 1540

W2 question

My employer issued W2's and I think there is an error on them. Box 1 is supposed to contain gross income minus voluntary deductions such as 401k, medical, vision, and dental. 401k, medical, and vision deductions were subtracted from gross income and that is what's in Box 1, however the dental deduct...
by cppoly
Sat Jan 26, 2013 10:45 am
 
Forum: Personal Finance (Not Investing)
Topic: W2 question
Replies: 25
Views: 1540

Return to advanced search