The Motley Fool Discussion Boards
Retirement Discussions / Retired Fools
|Subject: Re: Annual Income Taxes Done||Date: 3/31/2013 7:58 PM|
|Author: TMFPMarti||Number: 18350 of 19597|
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.)
Rule Your Retirement Home Fool
|Copyright 1996-2015 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|