The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies

URL:  http://boards.fool.com/owing-too-much-11084692.aspx

Subject:  Owing too much Date:  7/25/1999  5:23 PM
Author:  piercej Number:  17645 of 127549

I separated from my wife in March. Our divorce will be final in September. As a married couple last year, we ended up owing almost $2,000. We didn't own anything and she was contributing to her 401K.

I was not elligibel until January of this year for my 401K. I currently make $52,000/yr and now contribute 8% to my 401K. What else can I do (besides buy a house) to ensure I'm not stuck with a big tax bill at the end of the year? Will the divorce help or hurt this situation? And when do they consider it no longer joint income - when we are officially divorced,or when we officially seperated (that date is noted on the divorce papers?)

I'd appreciate some guidance.
Copyright 1996-2018 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us