boo taxes

[Boner_18]

I’ve been living under the impression that if I take my $90K a year (net) pension to California or New York that I will be paying income taxes.

Have I been wrong all these years?

In NY unless its a NY State pension you're taxed on it. You can probably exclude 20k and would pay about $3k in taxes on the remaining 70k subject to NYS income tax (not factoring in any other income).

 

[Tron]

In NY unless it’s a NY State pension you're taxed on it. You can probably exclude 20k and would pay about $3k in taxes on the remaining 70k subject to NYS income tax (not factoring in any other income).

It’s a Florida pension

Didn’t know I could potentially exclude $20K



I’m paying roughly $15K a year for health insurance. Would that change anything Bone Bone?

 

[Boner_18]

Federal income tax, maybe. Health insurance premiums (most unreimbursed medical expenses) are deductible to the extent they exceed 7.5% of AGI, provided you itemize. You might not itemize? No mortgage interest deduction if im remembering you're a renter?

 

[roguejuror]

I don't think Tron is itemizing

 

[betplom]

I don't think Tron is itemizing

I didn't think the lawyer was also an accountant.

 

[Archie]

barely a lawyer

e discovery relativity

 

[Boner_18]

Fucking boo taxes.

 

[Blitty]

I have no idea idea what’s going on with taxes, and it’s truly foking me

My wife did turbo tax past few years, we def overpaid thousands

Tried multiple ‘Pros’ this year - the amounts due were thousand apart. Still haven’t filed

We do joint with her W2 and my 1099

I under paid on estimated quarterly payments

Also maxed out ROTH past 2 years. Then we made too much income

I’m told to withdrawal it but also heard that will FOK ME

SOFUCKING STRESSED OUT ON THIS BS

Usually savvy and cost effective in most parts of life

Know I’m losing thousands these past few years

Can’t catch a break

 

[tullamore]

Look into a back door Roth @Blitty

 

[Blitty]

Look into a back door Roth @Blitty

that’s from traditional to Roth right?

Didn’t seem like you could do it in reverse

 

[Boner_18]

I have no idea idea what’s going on with taxes, and it’s truly foking me

My wife did turbo tax past few years, we def overpaid thousands

Tried multiple ‘Pros’ this year - the amounts due were thousand apart. Still haven’t filed

Yeah it is confusing and mistakes can be costly. I don't think yours is so complicated that there is too much difference? Just go with the most aggressive (lowest tax liability).

We do joint with her W2 and my 1099

This is good. Married filing jointly is a win for most.

I under paid on estimated quarterly payments

That's a bummer and now you have the tax and possibly a penalty.

Also maxed out ROTH past 2 years. Then we made too much income

You can't get the "saver" credit but you can still contribute and the gains are tax free (when you withdrew at retirement age)

I’m told to withdrawal it but also heard that will FOK ME

Don't withdraw if you can come up with cash some other way.

SOFUCKING STRESSED OUT ON THIS BS

Usually savvy and cost effective in most parts of life

Know I’m losing thousands these past few years

Can’t catch a break

Taxes suck. At the end of the day if you're owingit paying a bunch it's because you're doing something right and stacking some cheddar. Just pay the man and move on.

 

[Boner_18]

At least youre not being audited...

 

[Dingo]

I have been audited before,not a pleasant ordeal.Fortunately I keep my books very clean but they still found something,they always do.

 

[Dingo]

Took one year of accounting courses,absolutely hated it.It did help when I owned a business so the money wasn’t completely wasted.Fortunately my oldest brother is an accountant so if I ever need help filing my taxes he is readily available.Mine is pretty straightforward now that I am retired,I just use Ufile,takes a day or two.