progmtl’s Activity

Mon Apr 7

NL

Boards Post

progmtl replied to the Retirement Investing board. 8:06 PM

Re: Income Tax Heros

I commend the couple for being frugal and saving, but I don't really think they are maximizing the use of their money.

Example:
"Wright also worked as a tax preparer, but that was less than 3 percent of the couple's annual [more]

Sun Mar 30

NL

Boards Post

progmtl replied to the Tax Strategies board. 11:07 PM

Re: Married: File Joint or Separate

I ran through both my and my wife's returns using MFS filing status. As it turns out, we would be worse off with this status (as predicted by the resident experts). We would owe the IRS around $2500 instead of $1500 and get less of a refund from the [more]

Fri Mar 28

NL

Boards Post

progmtl replied to the Tax Strategies board. 5:50 PM

Re: Married: File Joint or Separate

Thanks for both of your replies. I will have to run through the full process of doing separate returns this weekend and see how it turns out. I don't trust the simplistic worksheet that purports to compare the two [more]

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Boards Post

progmtl replied to the Tax Strategies board. 8:56 AM

Re: Married: File Joint or Separate

There are many tax benefits which are eliminated or severely reduced for MFS returns. It is very unusual for MFS returns to be better than MFJ except for those who live in OH.

We are in CT. I haven't looked at the state return yet to [more]

Thu Mar 27

NL

Boards Post

progmtl replied to the Tax Strategies board. 10:42 PM

Re: Married: File Joint or Separate

Sorry to reply to my own post!

Can I divide them as I choose, or do they have to be split 50/50 (or by some other scheme)?

Same question about how to allocate the personal exemptions and tax withheld. I presume I will make [more]

NL

Boards Post

progmtl posted to the Tax Strategies board. 10:27 PM

Married: File Joint or Separate

Hi tax experts,

I am married and have always filed jointly; I figured it was easier and we didn't seem to fit into the categories of those who would benefit from filing separately (to my knowledge, which may have been [more]

Sun Mar 9

NL

Boards Post

progmtl replied to the Retirement Investing board. 9:00 PM

Re: Withdrawal Strategies...Again

The way the IRS tax worksheet operates, they consider capital gains first.
So you'd have $70,700 of capital gains at 0% and $9,300 taxed at 15% for a total capital gains tax of $1,395.

Your $40,000 in traditional IRA withdrawals is
[more]

Mon Feb 24

NL

Boards Post

progmtl replied to the Credit Cards and Consumer Debt board. 1:44 PM

Re: FICO = 0

The feds limit the amount of fee free transactions from a savings account.

I always wondered why there is some grand distinction between a "checking" account and a "savings" account? As you point out, there seem to [more]

Fri Feb 7

NL

Boards Post

progmtl replied to the Retirement Investing board. 10:48 AM

Re: Poll: I .... this job

I really like my job, but I still can't wait to retire. I've been working for 30+ years, and I'm tired of the daily grind.

Well this kind of sums it up, doesn't it?

I voted that I dislike my (current) job. It's not a bad job, [more]

Wed Jan 8

NL

Boards Post

progmtl replied to the Millionaire Fools board. 1:50 PM

Re: Happy new year

To frame the $75K number in terms of FIRE, it would suggest that if you can amass about $2 million in assets, which would provide about $75K in annual income reasonably conservatively, you have achieved sufficient passive income to be happy - and you [more]

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