**Official Pot Foggers Tax Return Thread** (aka mrplunkey tribute)

[HAYEZ]

what would you take? his pot stash?? his real estate investments (hope you got a BIG ASS truck)?? stat's a saver...i'm guess he doesn't have a bunch of money and other things of value laying around his house.

hell...you'd probably get a bigger haul from a section apartment in south central

I was thinking more less just making him wire all his savings to my account..obviously i will need a gun , can I borrow one from you? Ill throw ya a 20$ spot for giving a hand

ill save the pot for you...i got enough cannabutter to last me the rest of year hahaha

 

[digimon7068]

I was thinking more less just making him wire all his savings to my account..obviously i will need a gun , can I borrow one from you? Ill throw ya a 20$ spot for giving a hand

ill save the pot for you...i got enough cannabutter to last me the rest of year hahaha

ask a stupid question...

 

[billfred]

The really odd thing though is, I was probably more happy making 50K.

I have been through this a lot and have almost realized that you are just happier the younger you are. Goes all the way back to high school and college. Don't think about it too much. In 10yr you are going to be looking back on today and thinking, I was a lot happier then.

 

[75th]

wow man! Thanks, I will definitely reach out to you if I have questions.

I put a large portion of my money into 401k. Both pretax, and aftertax Roth options. I put money into an IRA. I put money into two different savings accounts (one high yield). I put money into stocks/securities but I don't sell/trade often at all so no capital gains from them in 2010.

I also have a considerable amount of cash tied up in real estate redevelopment projects. None of them completed in 2010 so I didn't have any taxable income from them, but this year I will have 1099 income as a result of these. The investment instrument is a real estate loan through an LLC. I will make 100K or so from these investments in 2011 if all goes according to plan, and right now it is.

I do not own my own home. I get some dividend income from securities I own but not much.

How do you qualify for one, traditional or otherwise?

Either way, lots of hateration up in here. Good job on being successful and happy with what you've achieved. Whatever youre doing is working for you, so keep it up.

 

[cindylou]

I have been through this a lot and have almost realized that you are just happier the younger you are. Goes all the way back to high school and college. Don't think about it too much. In 10yr you are going to be looking back on today and thinking, I was a lot happier then.

Really? That is depressing.

 

[Lestat]

How do you qualify for one, traditional or otherwise?

Either way, lots of hateration up in here. Good job on being successful and happy with what you've achieved. Whatever youre doing is working for you, so keep it up.

I setup an IRA year's ago. I know its subject to some maximum contribution.

 

[75th]

I setup an IRA year's ago. I know its subject to some maximum contribution.

Your income and 401k contribution/access should preclude you from both a traditional and roth IRA.

If you've been contributing and reaping the tax benefits, best expect a call from Uncle Sam eventually.

 

[Lestat]

Your income and 401k contribution/access should preclude you from both a traditional and roth IRA.

If you've been contributing and reaping the tax benefits, best expect a call from Uncle Sam eventually.

its a ROTH and I know I started it when I was making much less. There was never any rule that I knew of that prohibited you from using a 401k and an IRA, in fact if I ever leave the company they will make me roll my 401k into an IRA.

 

[digimon7068]

Your income and 401k contribution/access should preclude you from both a traditional and roth IRA.

If you've been contributing and reaping the tax benefits, best expect a call from Uncle Sam eventually.

yes...there are adjusted gross income and "covered by another retirement plan" limitations for both traditional and roth ira's...however, most 401k plans also offer a "roth" option (maybe he's contributing to a roth through his 401k) and, as far as any excess or improper contributions are concerned? if you didn't include them with your tax return (non-deductible contributions still have a reporting requirement), i honestly don't think uncle sam is ever going to be able to figure that shit out...there's just WAY too much of that kind of information out there for them to ever be able to capture it all and make it right...generally speaking, if you don't tell them, they won't know...your broker (or whoever you make your ira contributions through) is supposed to know the rules and not let you make a contribution if you don't meet the requirements but, most of those people don't know shit about the tax laws...that said, i doubt that lestat has been making excess or improper contributions.

also, if you have another source of income (e.g., consulting) besides your regular job, you can set up and contribute to another retirement plan (besides the one at your employer) as long as you are generating net income from that other activity...it will still be subject to certain maximum contribution limitations but, there are plenty of legal ways to still be able to feather your nest with pre-tax or (sometimes) roth dollars without running afoul of the tax code

 

[75th]

yes...there are adjusted gross income and "covered by another retirement plan" limitations for both traditional and roth ira's...however, most 401k plans also offer a "roth" option (maybe he's contributing to a roth through his 401k) and, as far as any excess or improper contributions are concerned? if you didn't include them with your tax return (non-deductible contributions still have a reporting requirement), i honestly don't think uncle sam is ever going to be able to figure that shit out...there's just WAY too much of that kind of information out there for them to ever be able to capture it all and make it right...generally speaking, if you don't tell them, they won't know...your broker (or whoever you make your ira contributions through) is supposed to know the rules and not let you make a contribution if you don't meet the requirements but, most of those people don't know shit about the tax laws...that said, i doubt that lestat has been making excess or improper contributions.

also, if you have another source of income (e.g., consulting) besides your regular job, you can set up and contribute to another retirement plan (besides the one at your employer) as long as you are generating net income from that other activity...it will still be subject to certain maximum contribution limitations but, there are plenty of legal ways to still be able to feather your nest with pre-tax or (sometimes) roth dollars without running afoul of the tax code

stfu