robls
Recycles dryer sheets
- Joined
- Sep 29, 2003
- Messages
- 169
Question for you all. Hopefully a simple answer.
I earn about $32,000 per year.
I am 49 yrs old. I turn 50 in early February.
Single.
No mortgage. No car payment. No credit card debt.
In 2008, I plan on maxing out my 401k at $20,500 and my IRA at $6,000, for a total of $26,500.
I have enough cash on hand to do this. Don't want to get into the dirty details on how much I have saved.
I want to put $50,000 into a taxable vehicle, MMA, 1 yr CD, etc. to earn interest for 1 year.
My question is, Will I have to pay taxes on this interest earned?
Thanks in advance.
Rob
I earn about $32,000 per year.
I am 49 yrs old. I turn 50 in early February.
Single.
No mortgage. No car payment. No credit card debt.
In 2008, I plan on maxing out my 401k at $20,500 and my IRA at $6,000, for a total of $26,500.
I have enough cash on hand to do this. Don't want to get into the dirty details on how much I have saved.
I want to put $50,000 into a taxable vehicle, MMA, 1 yr CD, etc. to earn interest for 1 year.
My question is, Will I have to pay taxes on this interest earned?
Thanks in advance.
Rob