If not interested, feel free to skip this thread.
So - with the new tax law, what is the "new" formula for a 2018 MAGI of, say, $25,000... ?
Since a consulting gig comes my way here and there, here's what I mean.
I used to know how much 1099 income I could earn, or when to turn work down so as not to earn too much, taking into consideration we would itemize... which included things like:
a Solo 401-k (employee portion, plus catch-up, plus employer portion),
HSAs maxed out,
property taxes of almost $6,000,
state income tax of 8%,
a few business expenses - maybe $3,000,
self-employment tax,
a $3,000 carry forward loss,
the personal exemptions,
MFJ....
(Charitable contributions were itemized, but added back in for MAGI).
Now I'm at a loss as to the new formula, as I want to try to back my way into "the figure" (meaning the gross income) but only have enough knowledge to frustrate me.
So - if there are any math-tax takers out there, take a stab at my new formula... if you care to. Or point me somewhere...?
So - with the new tax law, what is the "new" formula for a 2018 MAGI of, say, $25,000... ?
Since a consulting gig comes my way here and there, here's what I mean.
I used to know how much 1099 income I could earn, or when to turn work down so as not to earn too much, taking into consideration we would itemize... which included things like:
a Solo 401-k (employee portion, plus catch-up, plus employer portion),
HSAs maxed out,
property taxes of almost $6,000,
state income tax of 8%,
a few business expenses - maybe $3,000,
self-employment tax,
a $3,000 carry forward loss,
the personal exemptions,
MFJ....
(Charitable contributions were itemized, but added back in for MAGI).
Now I'm at a loss as to the new formula, as I want to try to back my way into "the figure" (meaning the gross income) but only have enough knowledge to frustrate me.
So - if there are any math-tax takers out there, take a stab at my new formula... if you care to. Or point me somewhere...?