Comments on: How to Screw Uncle Sam and Yourself at the Same Time http://youhavemorethanyouthink.org/how-to-screw-uncle-sam-and-yourself-at-the-same-time/ Save more. Earn more. Have more. Thu, 17 May 2012 13:47:11 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Kim http://youhavemorethanyouthink.org/how-to-screw-uncle-sam-and-yourself-at-the-same-time/comment-page-1/#comment-1388 Kim Tue, 23 Feb 2010 20:50:16 +0000 http://youhavemorethanyouthink.org/?p=1632#comment-1388 Thank you for the numbers - we have student loan debt, so aren't going to buy a house anytime soon. But every so often I get a case of keeping-up-with-the-Jonses. I finally began to rebuff the Jonses w/ the realization that maybe a deduction wasn't worth mortgage interest+taxes+insurance. Maybe. But when you posted the numbers, that confirmed it. Thanks! Thank you for the numbers – we have student loan debt, so aren't going to buy a house anytime soon. But every so often I get a case of keeping-up-with-the-Jonses. I finally began to rebuff the Jonses w/ the realization that maybe a deduction wasn't worth mortgage interest+taxes+insurance. Maybe. But when you posted the numbers, that confirmed it. Thanks!

]]> By: Shawanda http://youhavemorethanyouthink.org/how-to-screw-uncle-sam-and-yourself-at-the-same-time/comment-page-1/#comment-889 Shawanda Fri, 22 Jan 2010 02:40:06 +0000 http://youhavemorethanyouthink.org/?p=1632#comment-889 It never ceases to amaze me. People also love to carry on about how they can deduct business losses. Um, that's nothing to be proud of. How about operate a profitable business and brag about that? It never ceases to amaze me. People also love to carry on about how they can deduct business losses. Um, that's nothing to be proud of. How about operate a profitable business and brag about that?

]]> By: Andy Hough http://youhavemorethanyouthink.org/how-to-screw-uncle-sam-and-yourself-at-the-same-time/comment-page-1/#comment-888 Andy Hough Thu, 21 Jan 2010 18:33:07 +0000 http://youhavemorethanyouthink.org/?p=1632#comment-888 I've posted before on the home mortgage interest deduction. You wouldn't think you would need to tell people that swapping $15,000 for $3,750 isn't a good idea but you do. I've posted before on the home mortgage interest deduction. You wouldn't think you would need to tell people that swapping $15,000 for $3,750 isn't a good idea but you do.

]]> By: uberVU - social comments http://youhavemorethanyouthink.org/how-to-screw-uncle-sam-and-yourself-at-the-same-time/comment-page-1/#comment-875 uberVU - social comments Wed, 20 Jan 2010 18:25:30 +0000 http://youhavemorethanyouthink.org/?p=1632#comment-875 <strong>Social comments and analytics for this post...</strong> This post was mentioned on Twitter by TheyCallMeCheap: Blog Post: How to Screw Uncle Sam and Yourself at the Same Time http://bit.ly/6CBMvs... Social comments and analytics for this post…

This post was mentioned on Twitter by TheyCallMeCheap: Blog Post: How to Screw Uncle Sam and Yourself at the Same Time http://bit.ly/6CBMvs…

]]> By: Shawanda http://youhavemorethanyouthink.org/how-to-screw-uncle-sam-and-yourself-at-the-same-time/comment-page-1/#comment-874 Shawanda Wed, 20 Jan 2010 17:05:42 +0000 http://youhavemorethanyouthink.org/?p=1632#comment-874 Not exactly. The limitations removed in 2010 related to income. In the past, you couldn't convert a traditional IRA to a Roth IRA unless your modified adjusted gross income was $100K or less. The cap on new contributions for 2010 is still $5K if your less than 50 years old and $6K if you're 50 or over. I wasn't going to share this, but what the heck. There's more information on the intricacies of IRAs here: <a href="http://www.irs.gov/pub/irs-pdf/p590.pdf" target="_blank">http://www.irs.gov/pub/irs-pdf/p590.pdf</a> I like the Roth IRA for the same reasons as you. The thing I really like is having access to my contributions without the risk of penalty if I make a withdrawal before I'm 59 1/2. You know. Just in case. Not exactly. The limitations removed in 2010 related to income. In the past, you couldn't convert a traditional IRA to a Roth IRA unless your modified adjusted gross income was $100K or less. The cap on new contributions for 2010 is still $5K if your less than 50 years old and $6K if you're 50 or over.

I wasn't going to share this, but what the heck.

There's more information on the intricacies of IRAs here: http://www.irs.gov/pub/irs-pdf/p590.pdf

I like the Roth IRA for the same reasons as you. The thing I really like is having access to my contributions without the risk of penalty if I make a withdrawal before I'm 59 1/2. You know. Just in case.

]]> By: Daniel http://youhavemorethanyouthink.org/how-to-screw-uncle-sam-and-yourself-at-the-same-time/comment-page-1/#comment-872 Daniel Wed, 20 Jan 2010 15:57:57 +0000 http://youhavemorethanyouthink.org/?p=1632#comment-872 I thought that since it's 2010, there are effectively no limits on Roth IRA contributions because of the conversion rules. The Roth 401(k) (I have one too) isn't nearly as good because you don't have control over it until you leave the company and roll it over into a Roth IRA. With the Roth IRA, you can withdraw your contributions (not the interest) any time you want without penalty or taxes. I thought that since it's 2010, there are effectively no limits on Roth IRA contributions because of the conversion rules. The Roth 401(k) (I have one too) isn't nearly as good because you don't have control over it until you leave the company and roll it over into a Roth IRA. With the Roth IRA, you can withdraw your contributions (not the interest) any time you want without penalty or taxes.

]]> By: Tweets that mention How to Screw Uncle Sam and Yourself at the Same Time -- Topsy.com http://youhavemorethanyouthink.org/how-to-screw-uncle-sam-and-yourself-at-the-same-time/comment-page-1/#comment-871 Tweets that mention How to Screw Uncle Sam and Yourself at the Same Time -- Topsy.com Wed, 20 Jan 2010 14:38:30 +0000 http://youhavemorethanyouthink.org/?p=1632#comment-871 [...] This post was mentioned on Twitter by Shawanda Greene, Jaszy McAllister. Jaszy McAllister said: RT @theycallmecheap How to Screw Uncle Sam and Yourself at the Same Time http://tinyurl.com/y86vjdg [...] [...] This post was mentioned on Twitter by Shawanda Greene, Jaszy McAllister. Jaszy McAllister said: RT @theycallmecheap How to Screw Uncle Sam and Yourself at the Same Time http://tinyurl.com/y86vjdg [...]

]]> By: Jolyn http://youhavemorethanyouthink.org/how-to-screw-uncle-sam-and-yourself-at-the-same-time/comment-page-1/#comment-870 Jolyn Wed, 20 Jan 2010 13:05:27 +0000 http://youhavemorethanyouthink.org/?p=1632#comment-870 Not enough people are aware of the numbers that go along with the belief that, "You need to buy a house to get the tax savings!" or "Don't pay off your mortgage because you'll reduce your tax savings!" Thanks for spelling it all out here. We are almost done with our mortgage debt, and I am contemplating making a contribution to our 2009 ROTH before focusing on bulking up the emergency fund. Jury's still out... Not enough people are aware of the numbers that go along with the belief that, "You need to buy a house to get the tax savings!" or "Don't pay off your mortgage because you'll reduce your tax savings!" Thanks for spelling it all out here.
We are almost done with our mortgage debt, and I am contemplating making a contribution to our 2009 ROTH before focusing on bulking up the emergency fund. Jury's still out…

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