The Motley Fool Discussion Boards

Previous Page

Retirement Discussions / Retired Fools

URL:  http://boards.fool.com/the-9000-is-9000-more-that-our-other-30616020.aspx

Subject:  Re: Annual Income Taxes Done Date:  3/31/2013  7:58 PM
Author:  TMFPMarti Number:  18350 of 19371

The $9000 is $9000 MORE that our other withholdings.

Some random thoughts.

The $9,000 should not have been a surprise. If it was, you need to hone your ongoing system for monitoring the business's income and your estimated tax payments. Talk to the accountant.

Remember that the payroll tax holiday is over, so your wife's self-employment tax will go up for 2013. Plan accordingly.

I assume your wife has some sort of retirement plan set up. Remember that on top of that both of you can make Roth IRA contributions based on her earned income if you meet the income restriction. (IIRC you mentioned RMD's for yourself, which would mean that you're too old to make traditional IRA contributions.)

Phil
Rule Your Retirement Home Fool
Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us