You need some patience to find the right place in TurboTax for the $300/$600 charity donation deduction for 2021 when you take the standard deduction.
The Forgotten Deductible Traditional IRA
This article was inspired by a post made by Kevin M on the Bogleheads forum. You may have heard of this rule of thumb about retirement savings priorities: Contribute to 401k (or 403b) to get the full employer match Maximize Roth IRA Maximize 401k (or 403b) Invest in taxable account Kevin asked why a Roth […]
The Case Against Roth 401(k): Still True After All These Years
Most people are better off contributing to a traditional 401k, not a Roth 401k. Here’s why.
Tax Software: Buy the Download, Not the Online Service
Although it sounds like more old school, the software you install on your own computer is actually both less expensive and more powerful.
What If Congress Bans Backdoor Roth
Congress is considering banning backdoor Roth and mega backdoor Roth. Do these to catch the last opportunities in 2021 and 2022.
New IRS Required Minimum Distribution (RMD) Tables
The IRS has new RMD tables effective January 1, 2022. See how much you are required to withdraw from your IRAs.
Roth Conversion and Capital Gains On ACA Health Insurance
Use this calculator to see the marginal tax rate on Roth conversions and long-term capital gains when you also receive a subsidy on ACA health insurance.
Don’t Choose 2021 Advance Child Tax Credit Opt-Out
Don’t jump through hoops to opt out of the 2021 Advance Child Tax Credit. You may miss out on tax benefits if you do. Do nothing and accept the money.
How to File Form 5500-EZ For Your Solo 401k
Filing the Form 5500-EZ for your solo 401k plan is super easy but you have to remember to file it. I use these the plan characteristics codes.
Covid Retirement Account Withdrawal in TurboTax and H&R Block
If you withdrew from your retirement account due to COVID in 2020, follow this to get the special tax treatment in TurboTax and H&R Block tax software.
ACA Health Insurance Enrollment: Request Subsidy Upfront Or Not
Although you will be required to submit more documentation, you should estimate your income as low as possible and get the highest premium subsidy upfront.
Make Backdoor Roth Easy On Your Tax Return
Many investors are confused when they report Backdoor Roth on their tax return. It’s very clean if you learn how to do it the easy way.