Comments on: Phaseouts For Tax Benefits http://allfinancialmatters.com/2007/01/10/phaseouts-for-tax-benefits/ A personal finance blog dedicated to discussing such topics as budgeting, asset allocation, 401K, IRA, cash flow, insurance, financial planning, portfolio management, and other areas in personal finance. Fri, 20 Nov 2009 19:56:44 -0800 http://wordpress.org/?v=abc hourly 1 By: fivecentnickel.com http://allfinancialmatters.com/2007/01/10/phaseouts-for-tax-benefits/comment-page-1/#comment-89105 fivecentnickel.com Mon, 19 Mar 2007 13:26:18 +0000 http://allfinancialmatters.com/?p=1479#comment-89105 Yeah, the Roth phaseout is really irksome, because you're not actually dodging current taxes when you contribute to a Roth. Yeah, the Roth phaseout is really irksome, because you’re not actually dodging current taxes when you contribute to a Roth.

]]> By: Free Money Finance http://allfinancialmatters.com/2007/01/10/phaseouts-for-tax-benefits/comment-page-1/#comment-62201 Free Money Finance Fri, 12 Jan 2007 11:21:57 +0000 http://allfinancialmatters.com/?p=1479#comment-62201 <strong>Star Money Articles for the Week of Jan. 8</strong> Here are interesting posts and news this week from the MoneyBlogNetwork members and beyond: Consumerism Commentary is covering the US News Annual Investing Guide. AllFinancialMatters details the phaseouts for tax benefits. MightyBargainHunter lists 16 ... Star Money Articles for the Week of Jan. 8

Here are interesting posts and news this week from the MoneyBlogNetwork members and beyond: Consumerism Commentary is covering the US News Annual Investing Guide. AllFinancialMatters details the phaseouts for tax benefits. MightyBargainHunter lists 16 …

]]> By: Stacey http://allfinancialmatters.com/2007/01/10/phaseouts-for-tax-benefits/comment-page-1/#comment-62142 Stacey Fri, 12 Jan 2007 01:51:37 +0000 http://allfinancialmatters.com/?p=1479#comment-62142 Amen Sam! That's my pet peeve as well. Stay-at-home parents who are married to high-earners are screwed when it comes to saving (tax-deferred) for retirement. Add the 70-whatever cents (women) earn on the dollar and it's no wonder so many elderly women live in poverty...Hope I can sell pencils (or something )on the streetcorner in 40 years... JLP, thanks for the nod...I've been busier than sin...which is pretty busy as we all know! xoxo, SLM Amen Sam! That’s my pet peeve as well. Stay-at-home parents who are married to high-earners are screwed when it comes to saving (tax-deferred) for retirement. Add the 70-whatever cents (women) earn on the dollar and it’s no wonder so many elderly women live in poverty…Hope I can sell pencils (or something )on the streetcorner in 40 years…

JLP, thanks for the nod…I’ve been busier than sin…which is pretty busy as we all know!

xoxo, SLM

]]> By: Sam http://allfinancialmatters.com/2007/01/10/phaseouts-for-tax-benefits/comment-page-1/#comment-61979 Sam Thu, 11 Jan 2007 03:07:07 +0000 http://allfinancialmatters.com/?p=1479#comment-61979 I won't hold my breath waiting for the phase-outs to be phased out. If anything, I think the new Congress will be looking to do the opposite, tilt the tax code away from high earners toward low earners. It seems only fair to at least index the phase-outs for inflation, but again I don't expect this to happen. My pet peeve is the phase-out for contributions to a Roth IRA, (or a standard IRA for that matter). I won’t hold my breath waiting for the phase-outs to be phased out. If anything, I think the new Congress will be looking to do the opposite, tilt the tax code away from high earners toward low earners.

It seems only fair to at least index the phase-outs for inflation, but again I don’t expect this to happen. My pet peeve is the phase-out for contributions to a Roth IRA, (or a standard IRA for that matter).

]]> By: Dus10 http://allfinancialmatters.com/2007/01/10/phaseouts-for-tax-benefits/comment-page-1/#comment-61963 Dus10 Thu, 11 Jan 2007 01:54:43 +0000 http://allfinancialmatters.com/?p=1479#comment-61963 To add... The idea that Charlie Rangle has been throwing around about exempting the first X dollars of your income from FICA would have a great impact than get rid of these phase outs. They have mentioned exempting the first $10K of everyone's income, and they have mentioned bumping the SS cap up $10K. However, I don't think they could recover the $10K exemption even if they got rid of the SS cap all together. It is just more political posturing to buy votes... To add…

The idea that Charlie Rangle has been throwing around about exempting the first X dollars of your income from FICA would have a great impact than get rid of these phase outs. They have mentioned exempting the first $10K of everyone’s income, and they have mentioned bumping the SS cap up $10K. However, I don’t think they could recover the $10K exemption even if they got rid of the SS cap all together.

It is just more political posturing to buy votes…

]]> By: Dus10 http://allfinancialmatters.com/2007/01/10/phaseouts-for-tax-benefits/comment-page-1/#comment-61962 Dus10 Thu, 11 Jan 2007 01:51:44 +0000 http://allfinancialmatters.com/?p=1479#comment-61962 The Fair Tax! And would they really be missing out on billions? Really, there are not all that many people (relative to the size of the population) that earn above those figures. Withstanding the itemization, we are only talking about fairly small sums of money when you are looking at it in a macro sense. The Fair Tax!

And would they really be missing out on billions? Really, there are not all that many people (relative to the size of the population) that earn above those figures. Withstanding the itemization, we are only talking about fairly small sums of money when you are looking at it in a macro sense.

]]> By: Financial Freedumb http://allfinancialmatters.com/2007/01/10/phaseouts-for-tax-benefits/comment-page-1/#comment-61651 Financial Freedumb Wed, 10 Jan 2007 21:47:19 +0000 http://allfinancialmatters.com/?p=1479#comment-61651 "All of this is just another reason why we need to scrap our tax code and come up with something that is simple, transparent, and fair!" Yes! One day I hope... “All of this is just another reason why we need to scrap our tax code and come up with something that is simple, transparent, and fair!”

Yes! One day I hope…

]]> By: samerwriter http://allfinancialmatters.com/2007/01/10/phaseouts-for-tax-benefits/comment-page-1/#comment-61645 samerwriter Wed, 10 Jan 2007 20:46:46 +0000 http://allfinancialmatters.com/?p=1479#comment-61645 My prescription for taxcode simplification: Stop patching the AMT. It's simpler to calculate one's AMT liability than non-AMT liability. The phaseouts are a major pain. They make it significantly more difficult to accurately calculate withholding, especially if one has significant variable income (bonuses, stock options, etc..) that are not known ahead of time. There are many arguments for over-withholding (despite the obvious drawbacks), and the phaseouts are one of them. My prescription for taxcode simplification: Stop patching the AMT. It’s simpler to calculate one’s AMT liability than non-AMT liability.

The phaseouts are a major pain. They make it significantly more difficult to accurately calculate withholding, especially if one has significant variable income (bonuses, stock options, etc..) that are not known ahead of time.

There are many arguments for over-withholding (despite the obvious drawbacks), and the phaseouts are one of them.

]]> By: BD http://allfinancialmatters.com/2007/01/10/phaseouts-for-tax-benefits/comment-page-1/#comment-61622 BD Wed, 10 Jan 2007 18:12:27 +0000 http://allfinancialmatters.com/?p=1479#comment-61622 Are these the income limits for married taxpayers? How are they different for singles? Are these the income limits for married taxpayers? How are they different for singles?

]]>