Why does society hate single people that make an honest living with a moderate income?
>Make $103k
>Get $38k withheld in taxes
>Another $2500 in insurance premiums
>Another $1300 in union dues
>Can't deduct interest paid on student loans because I make too much
>Don't have children, wife, or property to make massive deductions on
>Get screwed into paying $55 for premium turbo tax because I paid foreign tax on my company's stock even though I'm just taking the standard $6300 deduction
>Getting less than $2k back in my refund
Fuck all this shit. Fuck all these people shitting out kids and getting all the damn tax breaks and sucking off the government teat. Fuck Warren Buffett too, because I'm going to get ass raped whenever I sell my stock.
your an fagget
>>1172831
Because the degenerates who constantly breed and shit out kids need someone to hate. They can't plan for the future, and weigh the consequences of their actions and then wonder why they never have any money.
> 2K Back on Refund
You're filing your return wrong, buddo.
>>1172842
I have no property, no children, not married, my company provides and compensates me for my work supplies. There is practically nothing I can use to deduct. I can't even deduct interest from my student loans because I make too much money.
This is the shitty system in America.
Are you taking advatage of all possible tax deductions? Maxing 401k, HSA, 529, etc
>>1172848
I swear ive seen this exact post word for word posted before. Deja vu?
>>1172854
Don't have a 401k currently, HSA is unneeded for me as I'm single and my premium and deductible are both $200, 529 as well since I have no children.
Do you see how the system is rigged, man?!?!?!
>>1172848
>But don't you understand? You may make more money but that doesn't mean your life is worth more than a poor person's! Everyone deserves to have a middle class life! It doesn't matter what choices they made or continue to make!
The government since FDR has accepted "from each according to their ability, to each according to their need" as doctrine. LBJ then added more redistribution programs since society still wasn't "equal enough" and now all of the healthy millennials just got fucked over by Obamacare.
It's all fucked up. I don't make six-figures but I make mid-five and I still know what you mean. I have some deductions but holy fuck, my neighbors who work minimum-wage jobs get more in deductions from their kids alone than they have to pay in taxes. Not to mention the "earned-income tax credit" which might as well be renamed to the "taking money from the productive to bribe the naturally unproductive credit".
F U C K I N G . G A Y
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>>1172831
>Why does society hate single people that make an honest living with a moderate income?
Tyranny of the multitude I'm afraid. Single upper middle class white dudes aren't exactly a huge or important demographic.
Move to a better country.
>>1172860
Deja vu, I'm afraid.
![642b7dfbc6[1].png](https://i.imgur.com/JubqB8G.png "642b7dfbc6[1].png")
>>1172867
>Move to a better country.
Pic related. Americans need to file taxes no matter where they live on all income. You can't just run to Dubai or Singapore.
Oh, I forgot to add is that within the next few years I'm going to be penalized for having too generous of a health insurance policy thanks to the (not-so)Affordable Care Act.
Fuck this shit!
>>1172848
What he is saying is you need to change your withholding so you get 0$ back.
>>1172831
>not taking advantage of the deductible on a 401k or IRA. With your income that is an easy 13k. Lowing your taxable income by 13k puts you right at the top the 25% bracket,
On fed alone with 90k you pay
>$9225 of income at 10%
>$28225 of income at 15%
>$52550 at %25
>0$ at 28%
You pay $18k in fed taxes. Everyone pays 7.65% on medicare and SSI. You pay $7879 on your 103k pre tax income. There is no way to deduct that.
Adding in state and local taxes and you should be paying about $8k less if you take the 401k/IRA deduction.
>any year
>not allowing your money to grow at a lower tax rate while saving you on taxes now.
>>1172871
>Pic related. Americans need to file taxes no matter where they live on all income. You can't just run to Dubai or Singapore.
Yeah well if you move then just renounce citizenship.
>>1172875
>Everyone pays 7.65% on medicare and SSI
I don't.
I ought to use the 401k, but I'd rather have more liquid assets right now.
>>1172878
>Yeah well if you move then just renounce citizenship.
I guess but if you have a net worth above $627k, you have to pay like 1/3 of your net worth above it as an exit(citizenship renunciation) tax.
>>1172831
Become a perpetual traveller and stop being cucked by the system.
>>1172884
>literally china-tier controls
Jeez.
>>1172872
Move to another cuntry I guess. Hope you don't mind muslims
>>1172831
please realize that a functioning state is a prerequisite for your employment, not an option.
>>1172881
The RRTA is a federally mandated private pension for railroad employees from what I have read.
https://en.wikipedia.org/wiki/Railroad_Retirement_Board
You only need 5 years with the railroad to collect on that pension. It is an odd hold over from the time where people were regularly maimed or killing working on the railroad.
>I'd rather have more liquid assets right now.
Pay down those loans. Guaranteed return on what you pay.
>>1172896
Yes, but stealing from the middle class to line the pockets of the not-so-middle class and corporations isn't a prereq. for my employment.
>>1172900
5 years to collect a partial pension. 30 years to collect a full. 20 years to collect a full disability pension. Plus side is that I can retire with full benefits at 60 and it pays out a lot more than SS.
yeah same here
401k and traditional IRA is a must not for retirement but simply to prevent it from going to corporate welfare, dindus, and single moms
unfortumately youll have to go roth on the ira as you wont be able to deduct
i thought about FICA and dont really consider it a tax as i will ideally claim the same benefits in the future
I feel ya senpai. 140k/year here starting a new job that I contributed to the 401k for like 2 months so IRA is not deductible, and no 401k yet at new place. My condo's interest payments are like $180 a month and property taxes are $1300 a year so standard deduction as well. HSA is my only deduction this year
>>1172915
I feel like my best bet is to just get married to a waitress and charge her rent.
>>1172831
>Fuck all this shit. Fuck all these people shitting out kids
Without those kids there would be no economy when you are thinking about retiring.
They are not "shitting out kids". They are taking on a massive massive cost that everyone benefits from.
If anything all things considered, families aren't compensated enough.
>>1172921
The problem isn't the kids themselves, it's the fact that people who shouldn't have them are having them and the people who should have them are paying too much in taxes paying for the have-not's kids to have their own.
We need to remove social security and welfare for this reason. Idiocracy is becoming reality.
If you don't use a 401(k) or your IRA, don't post. Just go do that.
Now in general I completely agree, taxation is theft. Generally though you could start your own sole proprietorship and claim all sorts as expenses to lower your bracket. Lots of people do that. But seriously, max out your tax advantaged accounts.
>>1172831
>modest
>103k
>>1172921
>Without those kids there would be no economy when you are thinking about retiring.
>what is technological unemployment
Population growth will not be a key component of future economic growth.
>They are not "shitting out kids". They are taking on a massive massive cost that everyone benefits from.
The people he described, i.e. low-IQ baby-shitting welfare leechers, are per definition not productive members of society and thus cannot take on any cost, let alone a "massive cost", by shitting out children. If anything, they burden the system by birthing children who will receive a lot of state and federal money for education and healthcare, amongst other services, despite not being able to contribute to the economy in any meaningful way once 90% of jobs - save for extremely intellectually challenging jobs - have been automated.
>>1172926
>>1172988
In a way you could look at this as yet another kind of "division of labour". Professionals these days don't have much time to raise kids so our future labourers are comming from the ghettos. I mean, it sucks but it's completely understandable why this is happening from an economic point of view.
>>1172831
families with kids get like 600 per kid from tax refund but theyll spend it on jordans so dont worry. poor stays poor.
>>1172831
>no 401k
>no HSA
>no tax loss harvesting
Just kill yourself right now faggot.
>>1173047
>Having an HSA when you're 25, single, and have health insurance with a $200 deductible and $1000 max out of pocket.
I'd just be throwing my money away.
>>1173064
You're the one fucking throwing money away on a $2500 insurance policy. A HSA is literally a second IRA. You have to be retarded to not take advantage of that.
>>1173069
This is the insurance offered by my employer. If I throw it away then I get fucked into buying a shitty policy with worse coverage in every possible way.
A $200 premium every month sucks, but it's a far better policy than I could get on the open market. Why would I dump it and then pay $100 minimum for something with half the benefits and a deductible 10 times as high and a max out of pocket 15 times as high?
>>1173075
Because health insurance is a scam. How much did you actually spend on health care last year? How much did your "insurance" save you?
>>1173078
Met with a GP, got a shot of anti-biotics, got an x-ray of my hand, met with a hand specialist, and I paid a grand total of just under $75.
If I didn't have insurance I could see that easily costing over a $1,000. I also had no waits at any of my visits.
But yes, I'd be inclined to agree that health insurance is mostly a scam. I could have saved my premiums and paid $1,000 and come out $1,400 ahead, but now everybody is required to have health insurance so it's best to think of it as a necessity.
>>1173075
You're confusing HSA with an insurance plan. It's a retirement vehicle that lets you deduct money pretax and then spend it on health issues at any point in the future tax free. Unless you're deductible is less than like $1000, you can set one up yourself
>>1173100
My deductible is $200. I can't set one up. I should have been more clear in that my insurance policy doesn't qualify me for an HSA account.
I see that an HSA basically becomes an IRA once you turn 65 in that it removes the penalty for withdrawing funds for non-health expenses, which is great, but you need to have shitty insurance for so many years to take advantage of it.
>>1173069
HSAs
LoL
Jesus Christ, is a 100k income really taxed at 40%???
That actually doesn't sound right, I'm at 76k and iirc I'm not even 25% yet
>>1173119
Comes to around like $35k after I get my refund, but yes, I am taxed that much.
I only get to make the standard ($6300) deduction since I don't own a business, home, have kids, or other shit that I can use.
$100k lets you live very comfortably, but certainly not lavish. It also doesn't make you happy. It just makes shit easy.
>>1173119
I should add that Railroad Retirement is at a higher rate than SS so I pay more in that area.
>>1173119
If you're too dumb to invest in a 401k and other tax avoidance options, and get taxed on the entire thing, then it's 26k in federal taxes.
>>1172871
Fucking LOLed. Feels good to be in Canada.
What a bunch of god damn kikes.
Fuck you too turbo tax!
>>1173159
learn to fucking file your taxes manually
fucking entitled millennials these days
>>1173159
Nah, that shit works if you know how to bullshit your deductions just right to not risk an audit.
I used a CPA last year and got a return of about 4k. This year, I got 5.5k in returns with that.
But >>1173164 is right. If one knew how the taxes really worked, then one will definitely get more.
>>1173167
And how much did that CPA charge you?
>>1173170
About 120, between state and federal
>>1172861
There are tax benefits to contributing to the HSA. You in all likelihood will need to spend some money for medical expenses sometime in the future so it's worthwhile to contribute to it. If you make over $100K and are the kind of person who is able to save a large percentage of your wage, max out the HSA contribution.
>>1172884
There is an exit tax but the cap is much higher than $627K and the tax rate is lower than 33%
> 2016
Working W2 ever.
Any salaried income touching your person ever.
Learn to optimally structure your income and investments.
The Self-Directed IRA is a wonder drug for people like you OP.
Okay, so the basic structure since you're in the higher brackets. is to use a regular tax deferred non-ROTH IRA b/c unlimited deposits.
Form OP's LLC owned and operated by OP.
SD-IRA buys shares in OP-LLC. OP-LLC owns company house, company car, company lunches and dinners etc...
Occasionally do side projects to make yourself some tax deferred money.
This shouldn't preclude actual investment, but you can live that tax deferred life.
Any way the whole goal is to never have real income touch you while you're working. and then when you retire and aren't working slowly tap the funds. You can buy anything you really need through the company but take home will be less than the 10k hobby limit.
>>1173167
seriously its 40% of his income if it takes him 1 hour to find a 1% discount he's making 1k an hour. THis is a potentially 40k project to be undertaken, that's a full time job for most people, but it doesn't take full time to do.
>>1173198
The HSA is mostly destroyed but can be useful in fronting some costs for medical tourism. >>1172861
ah ah ah thats after tax $200 that's really $333.33
>>1172926
The taxes paid towards welfare pales in comparison to our military expenditure or literally any other controversial government spending issue.
Not saying that makes it any better but still.
>>1172921
It's not the number of people that really make an economy successful so much as the number of capable, diligent people.
If it were just the number of people, places like Indonesia, Mexico, China, India, etc. would have far better economies than they have and places like Switzerland would have lousy economies.
As for retiring, a first-world person cannot be supported by third-world people paying into a pension (Social Security) system. The people paying into the system must be able to earn a large enough amount of money that the nominal taxes they pay into the pension systems keeps it fully-funded.
>>1173201
this
Start LLC in a tax free state and work as a contractor.
>>1173201
Are there CPAs that specialize in this sort of thing?
>>1172831
>>Get screwed into paying $55 for premium turbo tax
There are all sorts of discounts you can get for TurboTax through banks, brokerages, etc. I get Premier for free every year.
>advocating HSA's
>not having cheap awesome HMO/PPO available
lol maximum poorfag
>>1173284
none that i know of. its a bit fringe knowledge to most. Best bet is to see if the Self directed IRA custodian knows a good accountant.
or get in touch with someone like this guy. Memorize a few of the laws mentioned in the article here and quiz your accountant.
http://www.journalofaccountancy.com/issues/2013/oct/20137626.html
http://www.irafinancialgroup.com/self-directed-ira-in-house-cpa-service-real-estate.php
This one has an in house CPA.
but no one can invest your money better than you can with your risk tolerance. If someone says you can't do something, ask how you can and keep going until you've asked everyone or found someone who can help.
>>1172904
You see those Tier Wages and withholding in Box 14? You do pay. The same percentages. It just goes to the Railroad Retirement Board instead of Social Security. It's literally just a private system over a public one. When you retire, you'll get RRB benefits just like Social Security reported on a social security like statement (it's blue!), and then you will also get an RRB pension which is just like a 1099-R retirement pension any other pensioner has (this one's green!). The social security-like part is like social security, and is being withheld from your pay. I hope you live in a state where your RRB won't be taxable when you retire. But it's a different system. Some states have government employees and school systems that are still private as opposed to public, too.
And you should be putting mad money into a 401(k). You're also phased out of traditional IRA contributions and education credits, but you could do a Roth contribution (at least partial, and while it won't help you on your taxes, it is retirement).
>>1173064
You can fund an HSA and keep it for years and years, it doesn't disappear. Though I don't know if you can if you have such a low deductible. HSA is for HDHP's--high deductible health plans. Plus railroaders are on fucking worker's comp all the goddamn time. But it would still be good to do if you could. You could use it 10 years from now, who cares. >>1173107 just read that, so that's a no.
>>1173167
I can guarantee you "bullshitted" around on nothing and just have way too much withheld or some other credit. Unless you own a business and are playing with depreciation, or popping out children like crazy, you are not ~*gaming*~ the system.
>>1173201
>>1173216
OP is a railroader. You don't do "contract" work for the railroad, and if you do, you're not going to be the one making six-figures. Regular railroaders go on temporary lay-offs all the time, contractors get fuck all.
>>1172831
>Why does society hate single people
You are dumb. Society is trying to get you to get married because the gov knows married people spend more money and are good little golems.
>>1172831
>not working under the table
>not timing the stock market and taking advantage of the tax free savings accounts so there's absolutely no tax paid on income
>>1172831
Welcome to Socialism.
My parents probably made $170-180K combined last year and my brother and I went to University w/ full grants last year (lots of kids & expensive house though).
Very little income taxes either, adjusted income was very low (maybe ~50K).
You really need to optimize your situation. Life under this government is a prison. If you don't watch your back you get raped (i.e. taxes).
Protect all you can anon.
>>1172831
Cool thread OP. You are clearly not a faggot.
>>1172831
>Why does society hate single people that make an honest living with a moderate income?
hate? you are the milking cow.
they fucking love you. it's hard to take money from the rich and bad taste to take money from poor or people with children.
>>1173556
Bruh, I know how the RRB works. I work for the damn railroad. Its rates are higher than SS, though.
RRB disbursements aren't taxed on the state level for me at least, and furloughs are actually pretty rare for my company.
>>1172831
Homophobia
>Be white male
>Boomers and Gen Z fill your head with lies about college
>Graduate college with debt (Average $34k)
>Get 1/3 of the pay the boomer manager that can't send an email gets
>Expected to have 5 years experience and laundry list of other qualifications for
>Workforce filled with massively incompetent retards that can't turn on the computer and diversity quota women and dindus
>Politically correct work culture so out of control you get sexual harassment cases against you for saying hello to black female womyn manager in the morning
>Finally work your way up the ladder after a decade of 60 hour work weeks
>Get taxed at 40%
>Liberals crying that you need to pay even more
>Meanwhile, Sharkeesha and Pablo are on their 8th child and have been getting 50k every year in welfare and free healthcare
And they wonder why Millennials don't wanna participate anymore
>>1173653
/thread
I don't even like the idea of being taxed to support old white people who didn't save for retirement, but paying tax for pablo and shaquan to have a million shitskin children? The founding fathers would have sooner necked themselves.
>>1172831
so entitled
>>1172871
>Americans need to file taxes no matter where they live on all income. You can't just run to Dubai or Singapore.
There's a loophole to that. It's called Puerto Rico.
>>1173653
>And they wonder why Millennials don't wanna participate anymore
It is the millennials who as a majority think that there should be open borders and amnesty for all the Hispanic illegal aliens and their anchor babies.
Stop crying. If you can't handle it then go on welfare Like the rest of the losers.
>>1173653
no one told you there are too many people born and too many people with degrees, so now you can make minimum wage off college degrees
>>1173574
then don't report, i mean fuck it
might as well go to jail but keep your money
>>1173913
>It is the millennials who as a majority think that there should be open borders and amnesty for all the Hispanic illegal aliens and their anchor babies.
This is actually untrue.
>>1173913
>businesses make massive amounts of money by firing their American workers and replacing them with immigrant workers who will work for scraps, demand nothing and can be thrown aside the second they get uppity
>it's duh ebil liberals/millennials/socialists/cultural marxists/whatever this month's buzzword for "people I don't like" is that are causing all the problems, not the people who make millions/billions of dollars by leaving immigration policies unchanged
your containment board is over that way, /pol/ack
>>1174066
Roastie spotted
>>1173671
As a matter of fact, I am entitled. I'm entitled to the fucking money I earned by working my ass off all year long, working hours that normal people couldn't fathom, in conditions that most people would refuse, and with the threat of injury or death if I make a mistake.
>>1172861
>Don't have a 401k currently
so you're a single person making 6 figures and you don't have a 401k? you're a fucking retard senpai
>>1174147
Because I have some loans that I'd rather pay off instead.
Also because I take 6% of my pay and buy stock with it because my company gives me a 35% match on it while the 401(k) has a really shitty/practically non-existent match
>>1172912
This. You max your 401k IRA and HSA to limit your tax burden. If you want the liquidity, don't bitch about the taxes. The companies who lobby government like to fuck over people who don't understand investment and debt principles; it's how we got into the housing and student loan crises. Then, they use taxes to take money from middle class people who contribute and give it to the retards who keep fucking themselves with debt. It's the wealth transfer way. If you max your 401k, that is $18,500 in tax free investment income every year. If you max your IRA, that's another $5,500 in self directed investment income every year. Your HSA is another $3+k in income that is tax free in high yield savings. By the end of it, you've lowered your taxable income from $92k to $65k.
You can either do something to limit your tax burden, or you can complain about the dindus and baby factories down the street. Additionally, you can always do both.
>>1172912
Why do a traditional IRA when you can back door to a Roth?
>>1174172
Because when you're already in a high tax bracket you might as well just do a traditional IRA. Then if your liability ever goes down substantially start a Roth.
>>1174172
it seems to me the choice is highly situational but for a single childfree aryan such as myself:
if you max a 401k your magi can reach $78k and you can still deduct $5500
beyond there is a gray zone where the partial deduction may or may not be worthwhile to you but it becomes increasingly more valuable to have a roth
between $88k and roth limit you dont need to backdoor just do it normally
then backdoor but at that point who cares what your tax burden is youre fucking rich af anyway
>>1174215
You're fucking retarded. You can't take deductions for a tIRA past a certain income limit.
>>1173135
Sup fellow railroader here. I'm not sure how the American unions are in quality but go talk to your representative.
>>1172871
Land of the free
