...and for IRA limits, here is info. I found for 2025...
"Taxpayers with traditional IRAs are no longer required to make withdrawals from their account at age 73 and reduces the penalty for not taking required withdrawals. Beginning in 2025, the annual total contribution limits to an IRA will be raised to $10,000 for taxpayers between the ages of 60 and 63.Sep 20, 2023"
for 401k....
"Starting in 2025, catch-up contribution limits for retirement plans such as 401(k)s will increase from $7,500 per year to $10,000. The limit will be indexed for inflation."
Looks to me that I can get my salary down to almost nothing... $10,000 for an IRA and $33,500 for a 401k or 457b.
so, take a 72k teacher salary..first reduce the salary because of medicare and contribution to retirement plan...estimate 72k X .89 = ~64k
Then reduce salary for health insurance pre-tax, HDHP of about $1200, and then HSA pre-tax of about $5250. 64k - 5.250 - 1.2 - 10k - 33.5 = $14050.
Now all I need is for my wife to get about a 50% raise to pay some bills. Image may be NSFW.
Clik here to view.
(I guess I could qualify for the elusive savers tax credit?
"Taxpayers with traditional IRAs are no longer required to make withdrawals from their account at age 73 and reduces the penalty for not taking required withdrawals. Beginning in 2025, the annual total contribution limits to an IRA will be raised to $10,000 for taxpayers between the ages of 60 and 63.Sep 20, 2023"
for 401k....
"Starting in 2025, catch-up contribution limits for retirement plans such as 401(k)s will increase from $7,500 per year to $10,000. The limit will be indexed for inflation."
Looks to me that I can get my salary down to almost nothing... $10,000 for an IRA and $33,500 for a 401k or 457b.
so, take a 72k teacher salary..first reduce the salary because of medicare and contribution to retirement plan...estimate 72k X .89 = ~64k
Then reduce salary for health insurance pre-tax, HDHP of about $1200, and then HSA pre-tax of about $5250. 64k - 5.250 - 1.2 - 10k - 33.5 = $14050.
Now all I need is for my wife to get about a 50% raise to pay some bills. Image may be NSFW.
Clik here to view.
(I guess I could qualify for the elusive savers tax credit?
Statistics: Posted by AlaskaTeach — Tue Apr 02, 2024 11:55 pm — Replies 14 — Views 868
