Mon May 06 2024, by Tyler Gardner

Retirement SavingsTax Strategies401k ContributionsIRA AccountsHealth Savings Accounts

Tyler? Yep.

Looks like you made $88,000 of income in 2023?

Yep.

So you owe us?

Oh, no. I put $22,500 of that into my 401k. Sorry, make that $30,000 because I'm over 50.

$15,500 of that went to my simple IRA.

$7,500 of that to my traditional IRA.

$7,750 into my HSA.

$3,050 into my FSA.

So that only leaves you with $24,200 of taxable income?

Oh, that was actually long-term capital gains that you can't touch because my wife and I make under $89,250.

So you owe us?

Nothing.

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