Tip for those of you with retirement savings making less then 100K a year

C

Chapdog

Abreast of the situations
Tip for those of you with retirement savings making less then 100K a year

Roll your money into a roth IRA and take the tax hit now before your investments recover. You will never have to pay another cent of tax on them down the road. Law states that you have to have single or joint income of less then 100k to do this until 2010 when they lift the limits however we will be well recovered by then.

Say you make 60k income a year and have and ira that's down like 40%. great time to take a portion of that and tax it into a roth ira while the tax rate is low and the stocks are down. When the recovery happens all the losses you get back will be tax free!! :clink:
 
Just make sure you can handle the tax bill that comes along with the conversion.

Otherwise, chaps suggestion is a good one.
 
im highly irritated with that married filling joint versus single limit being the same. fucking shit ass marriage penalty yet again.
 
LOL thanks alot for that!!! Perhaps ill file separately this year if i can get my agi under 100k solo. Didnt have much mortgage interest this year however. Oh well.
 
Chapdog said:
LOL thanks alot for that!!! Perhaps ill file separately this year if i can get my agi under 100k solo. Didnt have much mortgage interest this year however. Oh well.
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No problem. But if your wife asks where you got that URL.... it came from DARLA.... not superfreak. :cool:
 
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