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

[digimon7068]

stfu

you're kinda in my territory now so you stfu

 

[Lestat]

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

good bro material right there!!!!

I do have a Roth 401k through my employer but I also have a Roth IRA through a separate brokerage account. Like I said, it was setup years ago and I generally make one big annual payment to it at the end of the year with after tax dollars.

 

[digimon7068]

good bro material right there!!!!

I do have a Roth 401k through my employer but I also have a Roth IRA through a separate brokerage account. Like I said, it was setup years ago and I generally make one big annual payment to it at the end of the year with after tax dollars.

well...the adjusted gross income (agi) limit (for a roth contribution) for a single person in 2011 is $122,000 and the phaseout starts at $107,000 so, before you make a contribution for 2011, you may want to show your broker your tax return...jus' sayin'

also, if you like roth's (which i do) and the govt drops the agi limit on conversions again (like they did in 2010), you might want to consider taking some of your traditional ira funds and converting them...you'll have to pay tax now, but none later...of course, if your agi is going to be significantly lower when you are retired, and you pay the tax now (i.e., when your agi is high), the numbers might not work out...food for thought, though

 

[Lestat]

well...the adjusted gross income (agi) limit (for a roth contribution) for a single person in 2011 is $122,000 and the phaseout starts at $107,000 so, before you make a contribution for 2011, you may want to show your broker your tax return...jus' sayin'

also, if you like roth's (which i do) and the govt drops the agi limit on conversions again (like they did in 2010), you might want to consider taking some of your traditional ira funds and converting them...you'll have to pay tax now, but none later...of course, if your agi is going to be significantly lower when you are retired, and you pay the tax now (i.e., when your agi is high), the numbers might not work out...food for thought, though

good advice. I am not sure if my AGI in retirement will be higher or lower than now, I can see both scenarios happening. I sort of just want to work hard for 10 more years and save up a couple million and be done, but knowing me and my history I'll probably continue to push hard as long as I'm able and could be making more than I can imagine in retirement. Who knows.

Either way I'm gonna have to give credit to pot foggin.

 

[digimon7068]

good advice. I am not sure if my AGI in retirement will be higher or lower than now, I can see both scenarios happening. I sort of just want to work hard for 10 more years and save up a couple million and be done, but knowing me and my history I'll probably continue to push hard as long as I'm able and could be making more than I can imagine in retirement. Who knows.

Either way I'm gonna have to give credit to pot foggin.

we had our son 3 days before my 41st birthday...i'll be working until i drop over dead

 

[redsamurai]

Last year I paid nearly 50,000 in federal tax and close to 20,000 in state! I don't know why mrplunkey is so concerned about pot foggers living off tax payer funds.

I think you figured out why with the whole dick size question....+1. There's really not much more to say lol

 

[redsamurai]

Lestat:

Something doesn't add-up here broheim. Allegedly you make a decent living and have a large cock.

But your taste in painfully average girls is the stuff of EF legend.

So what do we knot know? Do you have teh herp? No self confidence? Cover girlfriends for a sekrit geigh lifestyle?

Inquiring minds want to know!

ok just stop, still trying so hard aren't you? god it's embarrassing.

 

[mrplunkey]

ok just stop, still trying so hard aren't you? god it's embarrassing.

OMG!!! This is great news!

Welcome back. Please tell us more about all-natural pot smoke produced by illegal alien Ph.D.'s using 400% efficient turbines!

I'm changing my user title back right now.

"Seeking Killer Internship" has returned!

 

[digimon7068]

OMG!!! This is great news!

Welcome back. Please tell us more about all-natural pot smoke produced by illegal alien Ph.D.'s using 400% efficient turbines!

I'm changing my user title back right now.

"Seeking Killer Internship" has returned!

awww, jeezuz *facepalm*

 

[mrplunkey]

awww, jeezuz *facepalm*

I'll freely admit it. I'm giddy.

EF just got 10x more entertaining.