tax help etc.

randypape · #1 (**permalink**) 12-31-2009, 11:15 AM

hello, my wife and i are going to get killed in taxes this year because our Daughter needs to claim herself on her own so she can get student loans for college next year. I have 401k money still sitting in an account where it was 5yrs ago when i changed jobs. nothing gets added to this. At my work they have a pension fund where they put away 15% of your gross wages into it for you and we don't contribute anything to it and can't. so no real deductions for me off my gross income. my Wife however does have a 401k and does contribute to it. ineed some advice please as far as Roth's,etc please we certainly need to get a better handle on our finances and will do so this year for sure. thanks

sapphirecapital · #2 (**permalink**) 01-02-2010, 03:47 AM

you only get killed with taxes when your income is high, I do not get the remark on the daughter, she needs to provide our tax return anyway till a certain time, or is she financing a masters degree?, I would move the 401k and combine with the other and make some contribution, you probably do not need to do it for a large amount; you have not included enouth details to give real advise

randypape · #3 (**permalink**) 01-02-2010, 02:01 PM

hello, sorry for the lack of info: bteween the 2 of us we'll make around 120-130K the only deductions we had was the 1st & 2nd mortgage and my wife's 401k contributions. I'm not allowed to add to or touch the company sponsored plan at my work. Our Daughter turned 18 and needs to claim herself for the student loan ordeals,so we lose her as a dependant. I was under the impression that because i had the company sponsored plan i couldn't do an IRA on the side. There is no deduction off my gross income for any plans right now. For 2010 there will be no 2nd mortgage for a write off so i need to get a better handle on things now,New Years resolution :-) I never moved my 401K from my former employers funds because they were still doing allright. I have now been told to roll the money's from there into a no-load fund IRA,etc. Thanks for any info and advice, i realize it is free and maybe should see a CFP sometime. take care Randy

Quote:

Originally Posted by sapphirecapital

you only get killed with taxes when your income is high, I do not get the remark on the daughter, she needs to provide our tax return anyway till a certain time, or is she financing a masters degree?, I would move the 401k and combine with the other and make some contribution, you probably do not need to do it for a large amount; you have not included enouth details to give real advise

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