Difference between revisions of "Don t Panic If Tax Department Raids You"

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Revision as of 11:20, 11 November 2024

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Muni bonds should be owned inside your taxable brokerage accounts, and never in your IRA or 401K accounts because income in those accounts is already tax-deferred.

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I was paid $78,064, which I am taxed on for Social Security and Healthcare. I put $6,645.72 (8.5% of salary) in the 401k, making my federal income taxable earnings $64,744.

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