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Tax Planning Questions

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I put 6,000.00 tax free money in an ira cd instead of a regular cd. I didn’t take a tax reduction in the year that I got the Ira cd or since. I have since cashed in the Ira and will have to pay interest this year. Is there anyway I can get out of that. My husband and I are both in our 70’s and on last years taxes didn’t have to pay any taxes.

368 viewsBrian Thorp Changed status to publish December 31, 2023Tax Planning

1 Ans

Will contributing more to my 401k lower my tax bracket? For example, say I make 50k (bracket with 22% rate) and contribute 6k to my Traditional 401k ($44,725 is the max for the bracket with a 12% rate), will I be placed in the lower bracket?

1.14K viewsZack Swad, CFP® Answered question June 7, 2023Tax Planning