I am curious how much tax advantaged space you have newly available to you each year.
By you I mean you, and your spouse if legally married.
By tax advantaged I mean any and all tax advantaged accounts that offer tax benefits for contributions, tax deferred growth, and/or tax free or advantaged withdrawals.
Include company matches, even if not immediately vested. However, do not include a defined benefit pension.
Include all space that you (and your married spouse, if applicable) are eligible to utilize, even if you do not use all that space.
Please use tax year 2012, even if, for example, you are making a 2012 tax year IRA contribution in 2013.
You may include 529s but only to the extent your state offers a tax credit or deduction. For example if there is a 10% credit for the first $5000 of contributions per beneficiary, and you have three children, then that is $15,000 for the purposes of this poll.
Exclude I and EE bonds, since those are equally available to everyone with a social security number.
Exclude municipal bonds, since those have no upper limit.
Exclude life insurance products, so we can avoid debating them and also because there is no theoretical limit to how much one can place in such a policy. This means no variable annuities, for example.
Examples for the purposes of this poll:
401k, including after tax contributions
Small business 401k
Sometimes posters ask what to do when they've filled all their tax advantaged space. Maybe sometimes they forget all the different avenues they have available. Sometimes it is helpful to add up the different options to be reminded of the total advantaged space one has, so as not to feel short changed. And in addition to all the above, there are:
I bonds ($10k per SSN, $5k per tax return)
EE bonds ($10k per SSN)
Municipal bonds (unlimited)
529 contributions above the state tax benefit (variable, but as much as $70k per beneficiary in a single year with no tax consequence)
variable annuities, other life insurance products (unlimited)
Last edited by letsgobobby
on Sun Jan 20, 2013 12:22 pm, edited 1 time in total.