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Don't think traditional IRA would do anything for you..
Posted by TKC (more from TKC) on Mon, 2 Apr 2007 11:51:06
In Reply to: General Tax (IRA) Advice sought, SPO, Sun, 1 Apr 2007 10:12:48
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but you didn't mention whether you have any outstanding debt.
Do you have any mortgage, car payments, ongoing credit card balances ?
If so, try paying off some of the debts, especially high interest credit card balances. The same goes for car loans if you are buying the car(s).
Prepaying the mortgage is something you might consider if you have money in cash accounts that have low interest rates. If you have money in investment accounts with average yields close to or equivalent to your *REAL* mortgage rate (i.e. actual amount paid after deducting interest on your mortgage(s)). Then you probably don't want to prepay your mortgage if you are in such high tax bracket, you have few deductions to claim.
With all the talk about abolishing the AMT, if you are in the top tax bracket, there is no AMT as your tax rate already exceeds the AMT rate.
posted by 12.171.1...
Posts in this Thread:
- General Tax (IRA) Advice sought, SPO, Sun, 1 Apr 2007 10:12:48
- Here's what I'm doing - should work for you too, Rod
, Tue, 3 Apr 2007 10:03:39 - Don't think traditional IRA would do anything for you.., TKC, Mon, 2 Apr 2007 11:51:06 <-- Viewing This Message
- Save as much as possible, JMJ in NC, Mon, 2 Apr 2007 06:23:58
- ..should have said, 401K is already maxed out each year, SPO, Sun, 1 Apr 2007 12:28:20
- Very very long...options and alternatives, R.T., Sun, 1 Apr 2007 11:19:58
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, Mon, 2 Apr 2007 03:49:45