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Subject:  Help, did I wait to long? Date:  10/28/1999  4:32 PM
Author:  TRYSTERO Number:  14896 of 88498

Having laid my soal bare on two previous occasions, and been rewarded with several answers,(some quite helpfull, despite their arrogant and condecending
in tone)I come again to place my ego on the block
and get some advice. With the smelly plastic albatross of credit card debt hanging about my neck,(aprox. 20K)and with the mantra of " pay off the plastic first " droaning in my head while I attempt
to downgrade my life style and delete the waste in
my budget I sense another monster lurking in the wings. THE IRS. Our joint income (wife and self)has been in the mid 80K to mid 90K range over the last
several years, and we have been fourced to file
short form because we've had no deductions.
The suggestions to start IRA's fell on stubbornly unFoolish ears. We were having too much fun being neuvo middle class. About six months ago we
purchased our first home, cashing in my wife's 401K for the down and closing costs. Two months ago I became eligable for a 403B plan and I signed up for the max contribution with a 40% match by the employer, but due to the time frame this will not impact my taxible gross income very much this year. Now comes the question, (thanks for wading through the preamble).

Should we open IRA's with $2K each to decreese our taxible income to minimize Uncle Sugar's bite or
just use the money to to help the smelly plastic
debt? I expect to have to pay the feds at least
$2000 as things are now.
I won't be going to H&R Block for the short form
this year. I've found a CPA that I trust, but I
want some Foolish opinions.

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