How can I optimize myself for taxes every year? I guess that’s my main question.
Wife has a traditional 401K with her current employer. Her previous traditional 401K has not been rolled over and is still in its original account.
I have a roth 401K and a traditional IRA. The IRA was originally my previous employer’s traditional 401K which was rolled over into my current traditional IRA.
Depending on my income, I can’t deduct for taxes every year for my IRA, right? I’m probably expected to make more as the years go by.
I also created a health savings account, but I have not done too much with it since I have not read up thoroughly if I can contribute to it; we just got our new health insurance. We have good health. No chronic diseases.
Wife (25 years old) makes about 77,000/year (gross) I (27 years old) make about 95,000/year. (Gross)
I am expected to make more money with a side job. Possibly and extra 22,000/year (gross)
The modified adjustable gross income is what has been throwing me off for investing. Just so many variables. I just want to make sure I’m not wasting any tax advantage opportunities.
How should I proceed given the information here. I want diversity and to have as much tax benefits as possible. Ask me any other questions.
Could you guys provide me links. I have been reading and looking up info, but I’m still lost.
Submitted September 18, 2023 at 01:05AM by ineedsleep5 https://ift.tt/u7epWls
