Your spouse is eligible to receive your SS after you die. Your children under 18 also.

2x

Waiting on a couple forms yet

I'm waiting for Trump to close the IRS so I don't have to file

When you retire if you make enough income after a point that income becomes Taxable and you will be charged on a graduating scale for Medicare and your Ss income at least part of it will be Taxable For example you have a pension, ss, and 401k, brokerage account, invested well and have a million plus maybe 2 million in your 401.

Many people find out they are making more money retired than they made while working. when min distribution age kicks in on IRA's and 401 that forces you to take even more. Tax rates are now very low historically and will likely be much higher in the future with the ever increasing national debt. This is why I like The Roth 401, Roth IRA,Spouse Roth, back door Roth, Roth conversations, and chunking strategies and custodial roths for kids and 529 .s better than tax deferred retirement accounts. To me it's better to take all the take liability now at a known rate than later at an unknow rate.

Another Roth advantage is when you die that money can stay in thar account 10 years and gro 100% tax free before whom ever you leave it to has to take it out. So that money will have the chance to more than double if left alone to grow and be tax free when they do.

real estate Is another wonderful way to save on taxes. With things lie the 1031 exchange. Selling a property and spending that and all the proffit back on another property and not having to pay any capital gains), depreciation on the structure for up two 27.5 years And deductions for maintaining and upkeep of the property( ex remodeling the kitchen and bath making it nicer so you can now charge more rent all a Wright off) And finally whe. you die and pass on real estate the government sees it as whom ever you left it to bought it at the price it is valued at today not what you paid back in 1990. Allowing them to sell it for market value today at today price without paying any taxes if they don't want the property. But if you would sell it and leave them the money because they don't want to mess with it you would pay capital gains on it so a good chunk you want to leave to them go to the government and not them. Best to pass on the property to keep more cash where you want it.

Maybe some of that may be useful to a few of you. I'm not going to proof read that. instead going back to sleep if I can.

Yes up untill last year I was putting a chunk into a 401 and geting tax deferred on that last year I started changing that over to the Roth 401 option we got after the buy out and 100% INTO THE ROTH 401 option this year. The comp match will always be put in as pre tax but I won't be putting any more in pre tax. And plan to chunk the pre tax amount down to nothing during my very low earned income years when I retire early.

All the kids get standard deductions( loose or of those after this year when daughter gets out of school) Then there are business Wright offs that off set tax liabilitys. It's alway a good idea to go over taxed before the end of the year. If you have the option to give money to the government to blow or spend that amount on your land, equipment, build a structure increasing value and productivity what would you pick? pay in 13,700 in addition to the payroll tax you paid all year. Or not only get improvements and assets with that money but also get $3,700 in a refund? For example?

a few examples You really could get more hay if you lime, seed and fertilize your field but you don't want to spend the money. Then you go over your taxes and find out if you do that Wright off will not only save you on taxes but makes you more profitable. Or maybe a new tractor would really save you time make things easier and more comfortable, or a new building is something you need for productivity or just storage.

Each Wright off is building assets, increasing productivity, and value in your life and operations.

Everyone has a choice some chose to get educated and plan ahead and grab the advantage Orhers just pay for single moms housing and food or bombs for Ukraine.

If SSI is not a tax you pay while you’re working, then it’s your deferred money to be used later? Let’s say you pay in while you’re working 200$ every week for 35-40 years. The government gives it back to you at so much a month when you apply for it cause it’s your money you let them use for that length of time. Let’s say you take the big ride 3 months after you start receiving your money that you paid in back in SSI benefits. Then do your relatives or whoever is in your will receive the remainder of your money that you paid in?? I don’t think so. It has to be paid in as a tax on you when you make it. Other wise the government would be required to pay the remainder of it too your designated beneficiary’s. I’m probably wrong thinking that way but I do know that it was not taxed up until 25-30 years ago when paid out as SSI. [/quote]

I didn't say it was a good deal, but it is a retirement plan that some win and others lose and you did not pay income tax on the money they stole.

Waiting for the pension form to come. SS form already came.

SS benefits statements came today (not sure how it's a benefit, I've been paying in for over 50 years). Christine has everything else put into the spreadsheet. Just waiting on the 401k distribution statement ... 20 percent manitory withholding then it's off to the accountant, hoping for a refund!

Easy there.........I forfeit a lot of the necessities in life so I can afford smokes (gotta roll my own-cheaper that way) and always paid taxes LOL.....I get what your saying tho...

Claim 0, itemize, have a part time business, and have a good accountant and you too can bring home a good amount. 5 figures is normal, not the exception. Turn around and save that money and you can have $100K about every 8-9 years just from your tax refund. Now mulitiply that by 30yrs and you’ll have $300K +/- cash when you retire if you don’t invest it before then. You can buy a lot of traps, rifles, and thermals with that.
What’s even better is you don’t have to work umpteen hours a week to do it. Plus you still have your 401K, pension, and side job money coming in if needed. My dad told me to live like a pauper when you’re young so you can live like a King when you retire. I’m not living like either at the moment, but I do live well within my means. I’d rather folks think I’m just a poor white telephone man and be able to do whatever we want when we want than live like a $10 millionaire.

I was taught something similar. My dad said "you can finance a brand new truck and be in debt and everyone thinks you're doing great, or you can drive an old (reliable) beater and have money stacked away and people will assume you're poor"

AK TIMBER. was talking with my 14 year old last week or so.

I asked him point blank do you want to look rich or be rich. He thought about it about 30 seconds and said be rich I think. Then I pointed out how most people today with the nice new cars and big house look well off but typically buried in debt and one small emergency from big problems.

Then I explained how our finances are run and why. It clicked and he understood why I like looking like I'm barely getting by and drive old vehicles and how money can be used to make you a slave or give you freedom.

I am set up as single no dependents for my W-2 so max deduction. Usually take a small farm loss. I still paid in over $7k last year after all that. I have my taxes done professionally by my accountant so I’m not leaving anything on the table.

No one should be able to get back more than they paid in. That is BS.

I get mine up and running on our Turbo Tax early but we pay so I don't e-file until a few days prior to the deadline. We pay quarterly as when one is retired there is not as much money being withheld and income can be quite variable with the markets being as volitile as they are. I have 3 small businesses that I struggle to keep profitable with the lower revenues in fur and other incomes. Lost some larger maple syrup accounts when a couple restaurants closed during COVID. We have been paying more the last 6 years when the rates are lower as we are converting our deffered accounts to ROTHs. One of the changes that came about with the tax law change is that when and if heirs inherit IRAS they are taxed over a 10 year time frame and not spread out. It may benefit us as well if we should decide to use those. Nice to have 0 federal tax on capital gains for taxable income up to over 80K for married couples. While I was working and doing several odd jobs never thought I would be in a place where I could have money that was taxed at 0 percent when I was living quite well.

Bryce

X2

Why have money if you drive a POS and dress like a hobo? It kind of seems pointless to me. Obviously, live within your means by why work your whole life and never enjoy it?

I'd guess it's so a person can post about it every chance they get. 

lol

Stevie Wonder should have seen that one coming.