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Tax Deductible IRA Contributions: Flow Chart
Finally a flow chart to guide you through figuring out your tax-deductible 2012 IRA contribution!
Courtesy of The Banker, at Bankers' Anonymous
[click to enlarge]
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LIQUIDate before they CONfiscate (in one manner or another).
what happened to make it so complex?
http://covert.nl.ae/
You put it in, Obama will decide how much of it you will need for retirement.
"You can contribute, but you'll get no tax deduction"
Figures.
Considering that the majority of IRA\401K contributers take an early withdrawl and getting hit with the 10% penality tax, and get taken when market corrections happen, Retirement accounts are terrible investments. In the end, only a small few that invested in retirement accounts will end up better off, than without them. As a reminder, Retirement accounts are "tax deferred" accounts, the are not a tax deduction.
And just remember that when you start taking money out of a tax-deferred retirement account you may be liable for taxes on up to 85% of whatever you get from Social Security. So if your spouse is still employed in a halfway decent job, say $40K/year, you can't take much out of an IRA before the SS starts flowing into the taxable column too.
Let's hear it for Congress! You get taxed on your contributions to SS, and you get taxed on what SS pays you back. Isn't this double taxation of some sort? Too bad they're the ones with the guns behind them. You all know what Mao said, and he was right. "Political power grows out of the barrel of a gun." One of the few areas where I agree with him.
And when you do finally pay that tax it will be MANY multiples higher >10% penalty because borrowing 40% of what you spend now has to be paid for later and 10% won't get you there.
+100 for the "You are mitt Romney" box. But there should have been a few more steps in there
You are Mitt Romney, a great american and man of little g god.
Sure was a great choice we had in 2012 for president, wasn't it? Rather like all the other elections in the prior quarter century. Perhaps it's time to treat presidents like the Aztecs (I think it was them) treated some of their human sacrifices; one term of power, then rip out their hearts. Anyone still want the job?
The Mormon from Mammon there Rip van W.
I made all my money by getting abducted by aliens...and then collecting on the insurance i had paid into in case of such an event. http://www.ufo2001.com/ i'm think disability might be a way to go as well..."i haven't been same ever since"...and the...ahem..."incident"...has made regular life events very difficult to discuss or deal with.
Maybe similar, maybe not, but I carry a chip on my shoulder ever since the day I was rejected as a bishop in the church of the subgenious.
Big numbers make me dizzy.
The IRA contribution flowchart should be this simple!
Neither helpful nor humorous. When times get desperate, IRAs will become convenient vehicles for .gov theft.
I alway advocate that persons with an income should establish and make regular contributions to their G01(d) accounts.
Why should I give money to a fund that's going to be taken away from me? I'd much rather pay taxes now than in the future. No more money into IRA/401(k) for me. I'm already taking it all out. Hopefully I'll get it all out in time.
Here's a better deal: Pay taxes now and put your money in an IRA.
So how's that Roth IRA looking about now?
So how's that Roth IRA looking about now?
When it came out great , now, it sucks just like ALL of them.
There is no more protection in a ROTH, than a Traditional IRA.
BOTH will be seized.
What we have now is an Abby Normal System, doomed to stay this way for several more years.
New Jersey taxes you on roth deposits and withdrawals ......
"New Jersey and you, perfect together" http://www.youtube.com/watch?v=6yUsnESf3Ug
Even if you never lived there but once saw an episode of Jersey Shore.
And New Jersey taxes you on every rerun of Jersey Shore you watch.
Someone has to pay for Christies' cheeseburgers.
If only someone had to pay for some police in Camden.
Born and raised in NJ six+ decades ago, I was heartbroken to see the TV show about Camden today. Every politician in the state, past as well as present, should be tarred and feathered then stripped of office and benefits for letting this happen. Coming soon to the entire US, I fear.
I guess the reason I find that flow chart so funny is that it is close to the truth.
Only Barack Obama has the training, education and insight to know exactly how much each of us needs to fund our retirement. That number will be revealed as zero as no one will be able to afford it or Obamacare will have already "solved" the problem for so many. The remainder will buy shoes for the Obama kids.
This same training and insight informs his every endeavor: Benghazi, Fast & Furious, no show Chicago jobs for spouses, infanticide, foreign policy, exotic vacations, pop concerts and golf just to name a few. An unparalleled expert at each and every.
FORWARD SOVIET!
To be effective, humour has to have at least a kernel of truth.
you are mitt romney
classic
Better than be Mitt Romney dog!
(Boris is research and cross reference, posit Romney family is really Griswald, change name in Witness Protection Program.)
At least Mitt never ate anyone's dog, which is more than we can say about Mr. 2for22.
Hard to find many other redeeming qualities about him, though.
Of course, we need a contribution calculator now. There is no need for calculator for what an IRA will be worth when you retire or try to withdraw anything, because any money you thought you had in your IRA belongs to the banks and the government, so the value is zero.
This almost reminds me of the simplieid 1040 Tax form a deceased editorial cartoonist for the LA times used (whn I lived in LA 72-76):
Line A = how much money did you make? ______
Line B - Expenses: How much did you spend? _______
Line C - difference ________________________________
Line D (Amount of taxes owed?): Send A
Figures that an Aggie would DP. ;-)
- Ned
Q: How do you get an Aggie to leave your porch?
{I gotta' million of 'em}
This almost reminds me of the simplieid 1040 Tax form a deceased editorial cartoonist for the LA times used (whn I lived in LA 72-76):
Line A = how much money did you make? ______
Line B - Expenses: How much did you spend? _______
Line C - difference ________________________________
Line D (Amount of taxes owed?): Send A
New tax form:
Line A - Connections: Are you contribute to Liberal Party or member of bank cartel? Yes, skip to Line C
Line B - Give up yours gold and guns, skip to Line D
Line C - Skip to Line E
Line D - Report to FEMA for internment
Line E - Take possession of gold and real estate from FEMA subject
Thank You for participate in Crime of Century.
Mixed it up with the ObozoCare questionaire.
Nah, not nearly long enough.
Coming soon to Amerika - Material Request Form for Toilet Paper. Must is learn to enjoy long wait in long line!
Amerika is be PWNED!
Fire hydrant bidet.
(first world problems)
Why do you think Dollar coins have not caught on in the US.
Put a pretty female face on them rather than Susan B. Anthony or Sacawhatever and men might feel more prone to carry a few.
Is remind Boris of funny tale...
Two salesman is drive for long in car, must is use bathroom for solid refuse, but in countryside, is no cannot find. Finally, one is stop car get out and go behind tree. Come back in smiles. Other is quandary... ask how is to clean up? Is use dollar! Other is ask to borrow dollar. Go behind tree, come back covered with sh¡t. Other is ask what is problem!? Other is say, you can do better with 3 quarter, 2 dime, and nickel!
That is change to believe in!