We purchased our home (primary residence) in March 2017 and are in the process of selling it, will accept an offer soon. I know we have to pay capital gains tax if we live in it for less than 2 years, is that based on the closing date or date we sign the P&S or what? Should we stretch out the closing date to be safe?
The sale price will be about 32k more than what we paid, but after paying commission and fees it will be maybe 15k profit. Is this what will be taxed? We also put a good 25-30k into repairs/improvements so we really arenât making anything, just happy to get our down payment and equity back. Can any of those costs offset the âprofitâ that will be taxed?
I am contributing to 401k with my company plan. Spouse is not doing any 401k contribution as there is no match from employer. Wondering if it is good idea to do 401k contributions without any match. Not sure if we can quality for IRA contribution? Is it good idea to do roth IRA.Some one suggested me some back good roth IRA. Looking for some suggestions. When I left my previous employer, I rolled over my 401k into IRA. Spouse has her own IRA account.
Does the 401k offer Roth contribution options? One of the benefits of a Roth IRA is that there are no RMDs. Often, people assume that their tax bracket will decrease in retirement. Many people have found that several decades of stock market gains put them in a higher tax bracket, which certainly isnât the worse problem to have.
As far as income/contribution limits, here is a link with that info:
Commonly posted advice suggests contributing to a 401k up to the company match first, then funding IRAs/Roth IRAs/HSAs, then contributing more to the 401k up to the limits, if affordable. Without a company match, contributing to a 401k wouldnât be my first choice, unless youâre looking for potentially increased asset protection (depends on your stateâs laws).
Hi,
Can we still contribute to 2018 IRA? Spouse doesnât have 401k plan. Not contributing to company 401k plan. What is the total income limit and quick way to check if we can contribute.
Assuming YOU are covered by a retirement plan at work and she isnât, this is what is applicable for her:
If your MAGI is $193,000 or less, she can take a full deduction up to the amount of her contribution limit.
If your MAGI is more than $193,000 but less than $203,000 she can take a partial deduction.
If your MAGI is $203,000 or more, you get no deduction.
Thanks for the update. i am going to put in out numbers in online software and see what is our MAGI.
I think our total income (sum of income mentioned in BOX1 + interest ) is less than 180K. We are good to make $5500 IRA contribution right?
Thereâs no income limit for Traditional IRA contributions, so you can contribute the full $5500. Your ability to deduct all or part of that $5500 contribution depends on your MAGI as meed18 pointed out.
Better hurry, contribution deadline is Monday, 4/15.
I would like to contribute only if we can deduct our contribution. Total taxable amount (sum of box1 income + internet +) is less than 180k. I think we should be good to contribue $5500 and get a deduction also right?
If on your wifeâs W-2, the little box that says âretirement planâ is NOT checked, yes you should be good to deduct the full $5,500. To be sure, finish your taxes in a tax prep program and see if it lets you get the deduction automatically.
What is the best redemption option(s) for Amex MR points? I have about 27,000 of them. I discovered that statement redemption is not as great as expected⌠Thanks in advance!
Does anyone know how to contact the FWF class action guy? MikeFxxxx I think. I remember his long thread about a class action having to do with mortgage modification fees that he vaguely outlines during the process. Or if you donât know how to contact him, can anyone point me to any public info of his? I seem to remember he eventually gave enough info to find articles and such about the suit. Thanks.
Has anyone else received a new Bank of America credit card or debit card that is impossible to sign? I just got a new one and Iâve tried a ball point pen, a roller ball pen, and a gel pen and the darn thing wonât hold any ink. The signature strip doesnât feel any different than the rest of the card. I donât feel like buying a fine point sharpie just to sign the back of my credit card.
I stopped signing my credit cards probably over a decade ago. Nobody cares / checks. With EMV you shouldnât even have to hand your card to anyone (but old habits die hard, so itâll be a few years before we catch up to the rest of the world).
