Bogleheads.org

Thanks again, Eagle.
Your words are much appreciated.
I'll recheck my Schedule C.

Good luck this Sunday,
if that's behind your moniker.

Thanks, HomeStretch.
Net? My business expenses nearly equal net.
A Roth is a good,comfortable, plan for me and I don't really want to open up another door and complicate things.
If I earn commissions of only 12K in 2022, pre expenses and pre 1099 taxes due, does that mean I can contribute max of 7500. to my Roth
and start one for my non-earning spouse(72) with the additional $4,500?
That would be enough of a double dip for me, and tax free withdrawals as well.

Eagle33 wrote: ↑Tue Jan 24, 2023 6:53 pm Do you have enough extra 2022 work compensation to fully or partially fund Roth IRA for your spouse? The same is possible for 2023?

Thanks, Eagle. I've been thinking about this, but don't know how to go about it.
Spouse does not have earned income (except SS), but we do file jointly.
Of the two of us, only I have a Roth.
If Roth max is now 7500$, is any income I earned over that Roth-able for her?

Do many folks do this?

celia wrote: ↑Mon Jan 23, 2023 1:18 am Of course, you should continue to fund your Roth IRA (as long as either of you has compensation). Since you will pay the same taxes whether you put the money in Taxable or in Roth, it is a no-brainer to put it in Roth where it can continue to grow tax-free. You will also be less likely to spend it when it is in such an account.

Keep up the walking. That’s good exercise overall.

Thank you for the no brainer, my fave words, as I often don't trust mine.
Total agreement on walks. It's good to feel good.

Thanks, Stinky. Yes on the 2022 and yes on the 2022 deadline. Enjoy it "where the skies are so blue."

Thanks David. I think I'll max out with a 2023 Roth contribution asap. Folks here have been saying, "bonds in a taxable account, stocks in a Roth."
I'm leaning toward Equity Indexing in the Roth.

Thanks for both responses. And for surprising promptness. Bogleheads are like caring brothers and sisters.

Thank you to all responders and relevant links.
I’ll withdraw from a very low interest bank account to fund. I understand how market timing is frowned upon by many. Yet, I need to decide whether to contribute the max here in January, or to DC Avg. over 12 months.

Hi, generous BHs. I'm 75% retired and make only 8000 to $12000 a year as a 1099, mostly making a few phone calls a week selling medical supplies. I call my long time and good customers who place orders with me or call their orders in on their own. The 3 manufacturers I represent still send me between 600 to 1500 $ per month, no taxes withheld, as with most 1099s. My investments are mostly fixed income and some indexes at VG. I also keep about half with a Morgan Stanley advisor, as I'm not proficient at fixed income and laddering investments. Current assets are 600K and a house, in S. Jersey, which is paid off, Zillows at 340K; Redfin at $404K. (Those two are a whole other discussion.) Spouse and I both took SS at 62, for about 27K.(With the...