jIMOh
Thinks s/he gets paid by the post
I need a confirmation I am doing some math right...
wife and I both qualify for Roth IRAs (and both are maxed)
I have a normal 401k at work
wife has choice between normal 401k and Roth 401k.
We usually file taxes at very top of 15% bracket.
2009 return:
AGI $105,799
Taxable income $61,276
15% bracket cap (according to fairmark)
$67900
Question... to me this means I could contribute about $6000 more to Roth 401k and still have the taxable income in 15% bracket.
2008 return:
AGI $105,000 (that is not rounding, it was that exactly)
Taxable income $60,697
15% bracket cap (according to fairmark)
$65,100
My thoughts are I could contribute about $4000 more to Roth 401k and still be in 15% bracket.
Here are 401k summaries for both years
2008 401k wife $6979 (Includes her contribution and the match)
2009 401k wife $3500 (match was discontinued for part of the year)
My question is pertaining to making sure I can do straight addition and subtraction on this (when I change % to Roth 401k, it adds to the AGI and adds to the taxable income) and I don't need to look at percentages of the numbers being added or subtracted.
If you cut the 15% bracket this close, any comments as to how much breathing room to leave?
wife and I both qualify for Roth IRAs (and both are maxed)
I have a normal 401k at work
wife has choice between normal 401k and Roth 401k.
We usually file taxes at very top of 15% bracket.
2009 return:
AGI $105,799
Taxable income $61,276
15% bracket cap (according to fairmark)
$67900
Question... to me this means I could contribute about $6000 more to Roth 401k and still have the taxable income in 15% bracket.
2008 return:
AGI $105,000 (that is not rounding, it was that exactly)
Taxable income $60,697
15% bracket cap (according to fairmark)
$65,100
My thoughts are I could contribute about $4000 more to Roth 401k and still be in 15% bracket.
Here are 401k summaries for both years
2008 401k wife $6979 (Includes her contribution and the match)
2009 401k wife $3500 (match was discontinued for part of the year)
My question is pertaining to making sure I can do straight addition and subtraction on this (when I change % to Roth 401k, it adds to the AGI and adds to the taxable income) and I don't need to look at percentages of the numbers being added or subtracted.
If you cut the 15% bracket this close, any comments as to how much breathing room to leave?