Right now, I max out my Roth 401k with $26k in contributions a year. I will raise this to $27k for 2022.
My wife and I max out our Roth IRAs at $7k each.
She has a public employee pension that she contributes to, but it’s not much as she’s part time.
Combined income is about $110k.
I have inherited $25k in a Roth IRA and $450k in a Traditional IRA from my father. I know I have 10 years to empty these accounts and it’s “income” on my 1040.
Anything I can do tax wise to minimize taxes? The only thing I can think of is I am eligible to put up to $10k after tax into the 401k. Does it even make sense to do that?
Also, I MAY move to a tax free state in 2-5 years. But who knows. I'm just thinking of pulling out 1/10 of the IRA a year.
Looking for any other ideas...
My wife and I max out our Roth IRAs at $7k each.
She has a public employee pension that she contributes to, but it’s not much as she’s part time.
Combined income is about $110k.
I have inherited $25k in a Roth IRA and $450k in a Traditional IRA from my father. I know I have 10 years to empty these accounts and it’s “income” on my 1040.
Anything I can do tax wise to minimize taxes? The only thing I can think of is I am eligible to put up to $10k after tax into the 401k. Does it even make sense to do that?
Also, I MAY move to a tax free state in 2-5 years. But who knows. I'm just thinking of pulling out 1/10 of the IRA a year.
Looking for any other ideas...