Just starting to dabble with 2023 taxes and just learned about the NIIT. Married filing jointly with an income of 250k+. Does this mean every cent of interest i earned on CD's last year will be subject to the 3.8% NIIT on top of the Federal + state taxes?
Answers
https://thefinancebuff.com/medicare-irmaa-income-brackets.html
I urgently need to get through to next stage of identifying possible solutions.
Every Tax Advisor/Preparer/Accountant I dealt with was a waste.
All of them want to "help" me menially do manual data entry I could do myself.
None of the can or willing to see the amount of Taxes I would pay as a problem.
None of them attempted to offer or even suggested any solution or approach toward.
I actually recently posted my concern about MAGI and IRMAA.
I heard nothing but silence, as if I am conspiring to break the law.
i certainly think that you shouldn't be doing explanations.
i think you should be complaining...about receiving 0.5 answer in total, before your post was typically hijacked into political meandering and grunts about taxes and healthcare interwind with personal stories
You can move to any part of British Empire, income Tax will follow.
You'd have to leave behind the US Passport along with worries about FDIC and NCUA, Interest and Tax Rates and all other staff that makes great again.
"every taxpayer has been enjoying that President Trump put in place"."100% of the working class" Americans owe 100% of their lives to US Presidents, to all 45 of them.
More Taxes - President (NAME)
Less Taxes - President (NAME)
War against United Kingdom - President (NAME)
War along United Kingdom - President (NAME)
anyway, before the subject is totally highjacked
"Good Accountants are hard to find" - I strongly disagree. Even less problem finding "good" CPA for Tax Preparation. They all been replaced with very "good" Accounting software.
What is hard to find indeed is "good" Economists and Advisors.
IRS and CPA guidelines make it very difficult for licensed professional to walk fine line between Advice and Aversion, thus encouraging bias on the side of paying more rather then less.
"my CPA is money well spent for me." - because she feeds you with information or because she volunteers solution?
Every CPA I came across treated me as if I am suicidal every time I ask if there is alternative interpretation of Tax Code
And when there is a situation too complex for Intuit, I had to ditch Accountant and deal directly with IRS.
There... when it comes now to MAGI, NIIT and IRMAA I need some ideas, some sense of direction.
From there I could manage professionals to design the solution, the solution which I could execute myself.
Since I am not "100% of the working class", I cannot count on President (NAME) to deliver it for me.
Where the subject feels to be too personal, PMs may come to rescue.
Of course they do. Because you probably come across to them as one of those "Sovereign Citizen" guys -
(gee I miss Better Call Saul!) - https://www.youtube.com/watch?v=JBbIEFpgAIk
you red me well, I am pushing the envelope.
I am here to up my IQ, because of intolerance of ignorance and despisement of mediocracy.
I could post on YT my interactions with "Advisors", it is more hilarious than Better Call Saul.
The recent one(I won't disclose the Institution) could go for Grammy.
As Private/Premier Client I was called names for steering the meeting away from Sales into Synoptic of "Equivalent".
It sounds as if you've had bad experiences with financial advisors. At an earlier period in my life I did as well. As a result I fired the SOB. That outcome worked out well for me and mine, but I absolutely can't claim that it would have worked out well for everyone. (It probably worked out fairly well for my former advisor, though - he never seemed overly displeased about having lost me as a client! So at least we agreed on that.)
These days I'm my own financial advisor. This is partly because I actually don't mind spending some time looking at investments nor boning up on tax changes, etc., strange as it may seem. Not everyone does. Also, not everyone has the same level of risk tolerance or diversification needs, and I feel I best know our own.
In my opinion only - if you've had bad experiences with 1 or 2 advisors and you still are looking for help - then you might want to try others. But if you've tried out a number of them and still not been satisfied - then you may want to forge your own path forward.
Good luck! (Because, a surprisingly large part of it is luck, after all!)
I never said I had "bad experiences", but if someone insisted on discussing semantics...
then semantically "bad experiences" is no such thing when experience regarded as learning.
and if learning is a "bad experience", then I am stranger here.
It were the financial "advisors" had "bad experiences" because I learn hard how not to put myself in a position to allow "advisors' to cause to me "bad experiences".
It isn't luck, it's hard and tedious labor.
It isn't them who SOB, It is someone who is dumb enough to be taken advantage of.