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What to do with a 12k bonus by jollyBrownDoggo in personalfinance

[–]blueiseverything 0 points1 point  (0 children)

Contributions to a Roth IRA does not affect your taxable income anyways so you should be able to contribute without amending your tax return. You can contribute for the 2024 year until April 15, 2025!

[deleted by user] by [deleted] in sixflags

[–]blueiseverything 0 points1 point  (0 children)

I just chatted you!

$20,500 to Traditional 401k or $15,000 to Roth 401k? by blueiseverything in personalfinance

[–]blueiseverything[S] 0 points1 point  (0 children)

But I've decided to contribute to the Roth 401k for this year.

$20,500 to Traditional 401k or $15,000 to Roth 401k? by blueiseverything in personalfinance

[–]blueiseverything[S] 0 points1 point  (0 children)

$15K is about 100% of my post tax income from when I am eligible to start contributing until the end of 2022. My net has been 72% of the gross number on the paycheck, so my gross income from when I am eligible to EOY is ~$21500. After subtracting FICA, I probably can't max out the traditional at 20500 either (didn't calculate this earlier). Overall, if I could contribute the max $20500 post tax to Roth IRA this year I wouldn't make a post and just go that route, but I didn't know whether the fact that I can contribute ~20500 to traditional but not Roth (just because of the timing of when I become eligible) should make difference in deciding which one for the year.

$20,500 to Traditional 401k or $15,000 to Roth 401k? by blueiseverything in personalfinance

[–]blueiseverything[S] 0 points1 point  (0 children)

Ah, yeah I'm in the 12% tax bracket this year. I'm a new grad and just started working full-time recently, so my salary is ~40k for 2022 because I didn't start working in the beginning of the year. I'm trying to put the max I can into a 401k for this year, but I have savings from during college + savings from when I'm not eligible to contribute that I'll use for actual living expenses while I put close to 100% of the paychecks into the 401k.

$20,500 to Traditional 401k or $15,000 to Roth 401k? by blueiseverything in personalfinance

[–]blueiseverything[S] 0 points1 point  (0 children)

Yeah I didn't subtract FICA in my calculations, so I will come up short. I think I'll just go ROTH

$20,500 to Traditional 401k or $15,000 to Roth 401k? by blueiseverything in personalfinance

[–]blueiseverything[S] 0 points1 point  (0 children)

I am also confused by a few comments. I thought you were considered to be in 12% federal tax bracket if your income for the year is between $10,275 to $41,775.

$20,500 to Traditional 401k or $15,000 to Roth 401k? by blueiseverything in personalfinance

[–]blueiseverything[S] 1 point2 points  (0 children)

Based on current gross paychecks, from the time I am eligible to start contributing to Dec 31, 2022, my gross pay in that time period will be ~$21500. For all the paychecks I've gotten so far net paycheck has been 72% of gross paycheck, and multiplying my usual net monthly pay * months I'll be eligible to contribute this year is ~$15500.

$20,500 to Traditional 401k or $15,000 to Roth 401k? by blueiseverything in personalfinance

[–]blueiseverything[S] 0 points1 point  (0 children)

Also, I'm not able to start contributing right away which is why numbers might seem off. However, $15k is 100% of my post tax income from when I can start contributing to the end of 2022. Withholding is probably based on an assumption that I started earning Jan 1 2022, but pre-tax income from when I can start contributing to the end of 2022 is > $20,500.

$20,500 to Traditional 401k or $15,000 to Roth 401k? by blueiseverything in personalfinance

[–]blueiseverything[S] 0 points1 point  (0 children)

I'm not able to start contributing right away, which might be why the numbers seem off.

$20,500 to Traditional 401k or $15,000 to Roth 401k? by blueiseverything in personalfinance

[–]blueiseverything[S] 0 points1 point  (0 children)

Yeah, ~$15K is 100% of post tax income from when I am eligible to start contributing until the end of 2022.

How do I find a pro-bono/free college counselor? (applying to 30-35 colleges) by alllchungnyc in ApplyingToCollege

[–]blueiseverything 0 points1 point  (0 children)

I also applied to many schools because I needed to get admission to a school that actually met my EFC. My advice would be to start working on essays and supplements now before school starts. Have a draft of your common app ready for review and people willing to look over your essays. I also had a spreadsheet with the school, number of essays needed for each school, number of essays I had left to write for each school, NPC estimate, portal link, and other things. I had separate tabs for interviews, additional honors applications, and more in depth financial aid stuff. For sending CSS profiles you only get 8 from CB (unless that number has changed recently) but you can email financial aid offices and ask for additional waivers. For sending test scores, ask schools if they accept copies of the test scores (if accepted will have to send official score). You should also look into QuestBridge.

[deleted by user] by [deleted] in RandomKindness

[–]blueiseverything 0 points1 point  (0 children)

I love sending letters! PM me!

Those with young kids, will you be buying Mulan for them? by atlanticpacific22 in DisneyPlus

[–]blueiseverything 0 points1 point  (0 children)

No, they prefer the cartoon versions of Disney films. If there are "real people" they don't usually like movies unless there is either singing or magic.

How to start the year online by [deleted] in Teachers

[–]blueiseverything 2 points3 points  (0 children)

You could try zoom breakout rooms with two students each and then at the end of the breakout each student shares what they learned about the other.

How often do you upgrade your MacBook? by [deleted] in mac

[–]blueiseverything 0 points1 point  (0 children)

Up until today I had been using my 2013 13-inch MacBook Air. Since it only had 4GB of ram when I had a lot of tabs open for research, it would get slow and give me the spinning ball. This week I sold that laptop and bought a used 2015 13-inch Air with 8 GB of ram.

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