- December 4, 2023
- Posted by: legaleseblogger
- Category: Related News
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Financial Planning in NYC and Tax Strategy for Retirement Savings
As a 33-year-old residing in New York City and falling within the lower end of the 24% tax bracket, with an additional 6.25% state tax, I have been diligently maximizing my tax-advantaged retirement accounts. This year, I have managed to max out my employee-sponsored Health Savings Account (HSA) and almost reach the maximum contribution limit for my 401k. With my tax return on the horizon, I am contemplating using it to fund my Roth IRA. However, I am also exploring alternative methods to fully maximize my IRA contributions throughout the year.
One of my considerations is aligning my financial strategy to optimize tax benefits and reduce my tax bracket from the current 24% to the 22% bracket. While I understand the traditional approach of contributing enough to my 401k to receive the employer match, I am keen on seizing a tax break now and strategically planning to lower my tax bracket.
This led me to ponder whether maxing out my 401k remains the best course of action to fully capitalize on my retirement savings and tax advantages. I am seeking a more effective method to ensure that I can optimize my IRA contributions and minimize my tax liabilities.
AI Legalese Decoder: Utilizing an AI Legalese Decoder can significantly aid in this situation by simplifying complex financial and tax jargon, allowing me to gain a clearer understanding of the various intricacies involved in my financial planning. The AI Legalese Decoder can help me decipher the legal and tax implications of different retirement savings strategies, allowing me to make well-informed decisions on how to maximize my IRA contributions while strategically managing my tax bracket. Its ability to streamline complex information will empower me to explore alternative methods and confidently optimize my retirement savings.
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If you can use a tax return to fund an IRA you can change your W4 so you are witholding the correct amount and use the resulting larger paychecks to fund an IRA during the year.
Yes.
ItÔÇÖs a beautiful irony that maxing our your 401k can effectively pay for your Roth IRA (if youÔÇÖre paying federal, state and city income taxes).
If youÔÇÖre able to max out 401k, Roth IRA, and HSA do it. ThatÔÇÖs the goal, there is no wrong way to do it. It sounds like a great idea to take your tax return and do it right away if you can, that way you get the money in sooner to take advantage of gains throughout the year.
It doesnÔÇÖt really matter whether you do it throughout the year. Do it from your tax return this year, and it will set you up so you can do the same thing every year going forward.
You have room to max out your 401k, HSA and IRA then do it. This is the best way to knock down your income through pre-tax deductions.
You have until April of 2024 OR when you FILE your taxes – whichever is first to make an IRA contribution that counts to 2023.
Cut back expenses elsewhere to cash flow contributing to your IRA, and/or double check your W4 is set up correctly using [the IRS tool](https://www.irs.gov/individuals/tax-withholding-estimator) so that you get more money during the year rather than waiting for a refund when you file your return
You understand that the amount above the 22% bracket is the only amount that is taxed at 24%?