Aiming_4_55
Thinks s/he gets paid by the post
Just when I thought we figured things out, "life" tosses an opportunity aka curve ball.
Current situation: Married, family of 4, living in CA, filing taxes jointly, single income household as DW is SAHM. Two kids in elementary school.
Possibility: DH will be commuting to Texas a few weeks per month, probably for the next 3 years. May or may not continue beyond the 3rd year. Employment is in CA, but can get classified as a Texas resident and become a remote employee to CA employer. DW and kids prefer to stay in CA for another 2 years to finish elementary school.
So, a few thoughts on how this may improve my FI situation.
- Establish residence in Texas, file separate taxes. DW in CA, DH in TX.
- DH avoids state taxes while employed in TX.
- DH avoids state taxes with IRA conversions to Roth in ER which may start in 3 years.
- If DH's company is sold, a real possibility, major RSU and stock options payment will avoid state taxes.
I'm enjoying the work, so I'm entertaining the travel or reverse travel.
Any thoughts on how best to benefit from my situation? Any pitfalls?
Current situation: Married, family of 4, living in CA, filing taxes jointly, single income household as DW is SAHM. Two kids in elementary school.
Possibility: DH will be commuting to Texas a few weeks per month, probably for the next 3 years. May or may not continue beyond the 3rd year. Employment is in CA, but can get classified as a Texas resident and become a remote employee to CA employer. DW and kids prefer to stay in CA for another 2 years to finish elementary school.
So, a few thoughts on how this may improve my FI situation.
- Establish residence in Texas, file separate taxes. DW in CA, DH in TX.
- DH avoids state taxes while employed in TX.
- DH avoids state taxes with IRA conversions to Roth in ER which may start in 3 years.
- If DH's company is sold, a real possibility, major RSU and stock options payment will avoid state taxes.
I'm enjoying the work, so I'm entertaining the travel or reverse travel.
Any thoughts on how best to benefit from my situation? Any pitfalls?