Beat my paycheck. An ATOT challenge

[deadlyapp]

Learn 2 Backdoor Roth https://www.bogleheads.org/wiki/Backdoor_Roth

Yeah - that might be what I have to do, I just wanted to try to avoid it since I don't think we'll be over the income bracket next year (she quit her job and we started a business which will probably not produce substantial income for the next couple of years). It also gets trickier because my wife will have a 403b that is untaxed, and any remainder of the IRA funding will be taxed so it results in some more tax fun when we file next year.

I'm pretty much fubared next year anyways as our taxes are going to be a royal fuck all pain in the ass.
- Bought house - check
- Got married - check
- Bought company - check
- Changed multiple jobs - check
- Received multiple various separate incomes - check
- Multiple retirement and health account rollovers - check

 

[s0me0nesmind1]

Yeah - that might be what I have to do, I just wanted to try to avoid it since I don't think we'll be over the income bracket next year (she quit her job and we started a business which will probably not produce substantial income for the next couple of years). It also gets trickier because my wife will have a 403b that is untaxed, and any remainder of the IRA funding will be taxed so it results in some more tax fun when we file next year.

I'm pretty much fubared next year anyways as our taxes are going to be a royal fuck all pain in the ass.
- Bought house - check
- Got married - check
- Bought company - check
- Changed multiple jobs - check
- Received multiple various separate incomes - check
- Multiple retirement and health account rollovers - check

Always fun stuff. I make sure to track stuff all the way through the year - If I didn't due to a job change this year I wouldn't have caught over-contributing to my 401k and overcontributing to my HSA this year. Thankfully I was able to correct it mid-year ahead of time.

I guess I'm lucky that mine will always remain simple - especially after the latest tax reform jacked the standard deduction up to $24k married.

Even after buying a new much more expensive home with probably... $15k in property taxes, I'm still not sure If I will pay enough interest to hit the $24k mark... and I'm cool with that, standard deduction is much easier than trying to fiddle with deductions here and there.

 

[brianmanahan]

Learn 2 Backdoor Roth https://www.bogleheads.org/wiki/Backdoor_Roth

mega backdoor roth > all

30$k in a roth IRA per year? heck yeah.

only problem is that not all companies have 401ks which support it, probably about half

https://www.madfientist.com/after-tax-contributions/

 

[s0me0nesmind1]

mega backdoor roth > all

30$k in a roth IRA per year? heck yeah.

only problem is that not all companies have 401ks which support it, probably about half

https://www.madfientist.com/after-tax-contributions/

I believe it's actually a lot more rare than that (more like 5-10%)- because it requires 2 things....

1. The ability to not just do ROTH contributions but also AFTER TAX contributions

2. The ability to do a withdrawl/rollover. Many employers do not allow you to do a rollover unless you are no longer employed and can no longer contribute to the 401k. (This being the most rare thing to find)

From talking with my current 401k provider, I believe I am able to do that. However, I'm not looking to jump onboard it just yet... I honestly want a before-tax 401k. I don't want all my retirement to after-tax/ROTH. That and between 2x 401ks, 2x IRAs, and 1x family HSA I'm already shoveling away plenty. Maybe once my pay increases even more I'll start considering it more.

 

[child of wonder]

Lately they have really been jacking up that max amount =/

If things go right I should finally hit the max next year after getting my latest new job this year.

View attachment 9387

Last year was great as I had a fast start to the year and hit the SS limit at the end of February. This year started much slower and it took until the end of June but things picked up big time in July. With salary and commissions I'll gross ~$85k this month, plus a free Rolex in September.

 

[brianmanahan]

Last year was great as I had a fast start to the year and hit the SS limit at the end of February. This year started much slower and it took until the end of June but things picked up big time in July. With salary and commissions I'll gross ~$85k this month, plus a free Rolex in September.

awesome, probably a lot better than when you first posted on this thread 7 years ago!

 

[Red Squirrel]

Damn, think my highest pay was in the 3k range. Well two in a row. I worked like a month straight as we were short staffed and racked up a crazy amount of OT. My normal pay is around $1,500-$2,000 depending on the shifts I worked. Evens out over the month. That's what I see in the bank I don't even look at the gross because it's just depressing to see how much money I don't get. It's usually double what I actually get.

 

[brainhulk]

Lol Brianmanahan...

Why did you bring this thread back up. Mods pls ban the necromancer...haha

 

[Mai72]

I'll show you after I hit the lotto.

 

[brianmanahan]

Lol Brianmanahan...

Why did you bring this thread back up. Mods pls ban the necromancer...haha

brainhulk lives!

i was actually searching for another finance thread and this one came up. and i thought it would be nice to reminisce. especially with all the alky replies in here, his pic of the monthly sales award or whatever is ATOT gold. and also to see if you were still alive.

i am doing a little better over the past 7-8 years (income * 2.5), though probably not as good as i should be. still on track to retire in 10 years though.

 

[brainhulk]

brainhulk lives!

i was actually searching for another finance thread and this one came up. and i thought it would be nice to reminisce. especially with all the alky replies in here, his pic of the monthly sales award or whatever is ATOT gold. and also to see if you were still alive.

i am doing a little better over the past 7-8 years (income * 2.5), though probably not as good as i should be. still on track to retire in 10 years though.

Im alive, just got banned again for a little bit. I agree alky is gold

 

[brianmanahan]

Im alive, just got banned again for a little bit.

it happens to the best of us

 

[Suspicious-Teach8788]

Meh, enjoy the high cost of living, obscene state taxes, etc... Not worth it for me.

I'll take making what I make now where I can work from home... in a city where you can buy a 3 bedroom 2.5 bath 2 story for $140k.

Also a lot of my paycheck goes to... Maxing out a 401k -> ESPP -> Flex Spending -> Medical Insurance -> HSA Maxing out, etc.. that can only be seen if you go by the gross amount.

HCOL comes with high pay.

https://www.levels.fyi/

 

[Chapbass]

Last year was great as I had a fast start to the year and hit the SS limit at the end of February. This year started much slower and it took until the end of June but things picked up big time in July. With salary and commissions I'll gross ~$85k this month, plus a free Rolex in September.

Man, I should've talked to you much more when we were DMing about work things like 10 years ago. I'm doing fine, but certainly not at that level lol.

 

[Scarpozzi]

overtime. been hella busy at the hospital and we lost 3 full-time people, I refuse to work that much again. But I was pleasantly suprised when I got my paycheck, but also sick to my stomach as to how much tax was taken out

Hopefully they took out enough.