Dirtyhip Posted October 11, 2017 Share #1 Posted October 11, 2017 It looks like we won't hit the 18K per person pre-tax maximum deduction in our 403b for 2017. I have modified the deduction, but it takes time to take effect. I was wondering if you can invest in an IRA yourself, and the monies would be considered a tax deduction, once you square everything up during April tax-time. Do you fools know anything about this? I have a call into the tax lady, and I am impatient. Link to comment Share on other sites More sharing options...
Kzoo Posted October 11, 2017 Share #2 Posted October 11, 2017 22 minutes ago, Dirtyhip said: Do you fools know anything about this? I have a call into the tax lady, and I am impatient. No but...... I seem to remember a reg that said that if you were involved in a employer sponsored plan that you could not invest pretax money in a personal plan. Post tax (Roth) was OK. But again I am not a tax accountant and I'm digging this up from an aging neuron bank...... Sorry no real help here. Link to comment Share on other sites More sharing options...
Dirtyhip Posted October 11, 2017 Author Share #3 Posted October 11, 2017 11 minutes ago, Kzoo said: No but...... I seem to remember a reg that said that if you were involved in a employer sponsored plan that you could not invest pretax money in a personal plan. Post tax (Roth) was OK. But again I am not a tax accountant and I'm digging this up from an aging neuron bank...... Sorry no real help here. our Roths are maxxed. it seems that the rules are just the 18k, per person. although, I am not a tax attorney. Next year looms better, but I need to stash some cash. The future tax bracket seems much better, I retirement. Link to comment Share on other sites More sharing options...
Kzoo Posted October 11, 2017 Share #4 Posted October 11, 2017 2 minutes ago, Dirtyhip said: The future tax bracket seems much better, I retirement. When you have less money the tax bracket always looks better. 1 Link to comment Share on other sites More sharing options...
donkpow Posted October 11, 2017 Share #5 Posted October 11, 2017 Taxes? Link to comment Share on other sites More sharing options...
Fret Buzz Posted October 11, 2017 Share #6 Posted October 11, 2017 7 minutes ago, Dirtyhip said: our Roths are maxxed. it seems that the rules are just the 18k, per person. although, I am not a tax attorney. Next year looms better, but I need to stash some cash. The future tax bracket seems much better, I retirement. Won't hit the $18k? What does that mean? By Dec 31st? Can't you keep contributing to 2017 stuff up until April 2018? We generally do my wife's SEP at the time of our tax return - ie March-ish. I think a tax adviser would have a better answer, so keep plugging and sock that cash away! Tom Link to comment Share on other sites More sharing options...
Zephyr Posted October 11, 2017 Share #7 Posted October 11, 2017 49 minutes ago, Dirtyhip said: It looks like we won't hit the 18K per person pre-tax maximum deduction in our 403b for 2017. I have modified the deduction, but it takes time to take effect. I was wondering if you can invest in an IRA yourself, and the monies would be considered a tax deduction, once you square everything up during April tax-time. Do you fools know anything about this? I have a call into the tax lady, and I am impatient. Huh? You might as well be talking all the "Schralping seat post dropper, front fork belt drive turn-table" weird mountain bike lingo for all I understood about what you just said. 1 1 1 Link to comment Share on other sites More sharing options...
Kzoo Posted October 11, 2017 Share #8 Posted October 11, 2017 57 minutes ago, Razors Edge said: Won't hit the $18k? What does that mean? By Dec 31st? Can't you keep contributing to 2017 stuff up until April 2018? We generally do my wife's SEP at the time of our tax return - ie March-ish. I think a tax adviser would have a better answer, so keep plugging and sock that cash away! Tom Not if it's employer based (pretax PR deduction). Some employers only allow you to set or change your standard deduction once in a calendar year. In our plan you can change is as often as you like. Maybe @Dirtyhip's employer will as well but I assuming she's already checked. Link to comment Share on other sites More sharing options...
Fret Buzz Posted October 11, 2017 Share #9 Posted October 11, 2017 1 minute ago, Kzoo said: Not if it's employer based (pretax PR deduction). Some employers only allow you to set or change your standard deduction once in a calendar year. In our plan you can change is as often as you like. Maybe @Dirtyhip's employer will as well but I assuming she's already checked. Rats. That seems sucky considering two and a half months is a relatively large chunk of the year, and people actually should be ENCOURAGED to save for retirement, not have dopey restrictions slowing them down. But your answer makes sense. Tom Link to comment Share on other sites More sharing options...
Dirtyhip Posted October 11, 2017 Author Share #10 Posted October 11, 2017 15 minutes ago, Kzoo said: Not if it's employer based (pretax PR deduction). Some employers only allow you to set or change your standard deduction once in a calendar year. In our plan you can change is as often as you like. Maybe @Dirtyhip's employer will as well but I assuming she's already checked. I recently moved the amounts up to 55%, but it still leaves a small remainder, because I didn't do it early enough in the year. Once 2017 ends, your contributions are toward 2018. I am not sure how to catch up that little bit of residual. 1 hour ago, Zephyr said: Huh? You might as well be talking all the "Schralping seat post dropper, front fork belt drive turn-table" weird mountain bike lingo for all I understood about what you just said. I am talking about some hard core adulting over here. I am actually talking a lot more about retirement. Where the hell did that young shralp queen go? WTF?!!? 1 Link to comment Share on other sites More sharing options...
Kirby Posted October 11, 2017 Share #11 Posted October 11, 2017 I'm no tax expert, so you should confirm this on your own, but based on this chart on the IRS website, it appears if you are covered by an employer 401(k) or similar plan, the deduction for an IRA gets phased out at certain income levels. You can still contribute up to the limit, but the amounts won't be tax deductible. However, the maximum IRA contribution per year is based on total Roth and non-Roth contributions according to this page on the IRS website. So $5,500 is the maximum for both Roth and traditional IRAs ($6,500 if you're over 50). So if you've already contributed the max to your Roth IRAs, it appears you can't also contribute to a traditional IRA, even if you don't use your full permitted amount in a 401(k). But I don't even do my own taxes, so don't rely on what I found. Link to comment Share on other sites More sharing options...
maddmaxx Posted October 11, 2017 Share #12 Posted October 11, 2017 3 hours ago, Kzoo said: When you have less money the tax bracket always looks better. Mine is simply off the chart fn wonderful. I'd still rather be retired though. I was wrong about needing the part time job to stay busy. Link to comment Share on other sites More sharing options...
Longjohn Posted October 11, 2017 Share #13 Posted October 11, 2017 3 hours ago, Dirtyhip said: Next year looms better, but I need to stash some cash. I could recommend some good charities, that way you can be sure to get your tax deduction. Win, win. Link to comment Share on other sites More sharing options...
maddmaxx Posted October 11, 2017 Share #14 Posted October 11, 2017 1 minute ago, Longjohn said: I could recommend some good charities, that way you can be sure to get your tax deduction. Win, win. Stash, not give was the operative phrase. Link to comment Share on other sites More sharing options...
Longjohn Posted October 11, 2017 Share #15 Posted October 11, 2017 6 minutes ago, maddmaxx said: Stash, not give was the operative phrase. But lay up for yourselves treasures in heaven, where neither moth nor rust does corrupt, and where thieves do not break through nor steal 1 Link to comment Share on other sites More sharing options...
Further Posted October 11, 2017 Share #16 Posted October 11, 2017 Now if you actually get into smuggling...taxes are pretty low on the priority list... 1 Link to comment Share on other sites More sharing options...
Dirtyhip Posted October 12, 2017 Author Share #17 Posted October 12, 2017 This is a useful tool. http://www.bankrate.com/calculators/tax-planning/payroll-tax-deductions-calculator.aspx Link to comment Share on other sites More sharing options...
donkpow Posted October 12, 2017 Share #18 Posted October 12, 2017 This is a useful tool: Link to comment Share on other sites More sharing options...
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