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So Just Got Done With My Taxes....? You are welcome to put it in Romney or Buffet Terms as well. For example. I paid a little over 2 Romneys |
| 03-27-2012, 04:09 PM | |
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Oooh fun! That's not bad (you must be doing well for yourself). I paid very close to 20% effective (along with my wife). If I appear to be ignoring your posts, it's probably because you are on my ignore list.
Xuéxi zhōngwén |
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We did ok for ourselves, though next year we are going to get clobbered. We can start the 20% club! Not asking for the amount just asking for the percentage.
Last edited by 808Lurker; 03-27-2012 at 04:44 PM.. Reason: Automerged Doublepost |
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40%. Unlike the Romneys, I don't have a tax accountant who can cheat the government out of its due. I opened a ROTH IRA years ago, and the brokerage e'ffed it up by opening it as a Rollover IRA (ie, a traditional IRA). I finally found out when someone at the brokerage called me and said "hey, you've been checking the ROTH IRA box on your contribution forms for like a decade. Thought you'd like to know!"
The only way to fix it was to do a conversion and pay taxes on the money I put in (which had already been taxed once). So when you count the 40% tax rate I paid, and the double taxation, I probably paid more like 45 or 50%. It's good to be a Romney...that's for sure! |
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Since I was supposed to be in a ROTH, I never treated the money I was contributing as tax-free. I paid taxes on it. And then I found out the brokerage screwed me over, but that's not the IRS' problem. I had to pay taxes on it again to convert it to a ROTH. So I paid double taxes on it. The money you convert from a Traditional to a ROTH gets added to your income when you convert it, because remember, money in a Traditional IRA was supposed to have been put in tax free. So they add the conversion amount to your real income and you pay taxes on it. So from my perspective, I'm paying a higher tax rate than I ought to be. I already paid taxes on that converted $$, but I have to pay taxes on it again. |
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