This may be a weird question, but I didn't find a specific answer when through searching.
I'm looking to get an estimate on the tax advantage for contributing to a retirement fund. Such as, will adding 1k get me XX off my taxable income, but adding 1500 gets me XXX? I haven't opened any type of IRA yet and exceed Roth income limits, so maybe this isn't even a possibility for 2016 taxes? I do have a 401k, but haven't checked if they accept lump deposits outside of paycheck deposits. I'm just curious at this stage.
Is there a calculator to input my income and contribution amounts to see how much adding money now would benefit me for 2016 taxes due? I could put 1-2k in my 401k now, but would prefer to wait a little while longer (3 mos maybe) if it won't be advantageous in relation to lowering my taxable income for this tax year. I hope that makes sense! Seeking any advice for lowering my taxable income in 2016 and going forward as Married Filing Separately.
- 30 yrs old
- Married filing separately
- $65000 gross income
- $1000 HSA contribution this year (upped it to the max for next year, my work matches $1000 annually)
- $200 in 403b Fidelity Freedom Target Retirement Fund (JUST started it, my work matches $200 annually)
- have a mortgage and student loan interest, but can't deduct this due to MFS. No kids.
Submitted January 03, 2017 at 10:25AM by nsho4 http://ift.tt/2j0IpWA
