Sentences with phrase «used after tax money»

Given your joint financial situation, it may be advantageous to contribute to a Roth IRA using after tax money.

Not exact matches

Using the average American household income of $ 54,000 as a guideline, your 15 percent money mansion contribution becomes roughly $ 5,100 per year after taxes.

My plan is to use the tax - free money from the Roth IRAs first (after retirement) and let the pre-tax investments (401K) compound for a few more years.

After all, if the churches paid taxes, the «liberals» in Washington would just use the money to pay for some liberal program, or something like that.

Sitting on the sofa, I show him a few items: newspaper and magazine pieces about the Liston fights; Ali's conversion to Islam; the arrest for refusing military induction; the epic first battle with Frazier; the Supreme Court overturning the draft conviction; Foreman being voodooed by Ali; the Thrilla in Manila; the boxing lesson he gave Spinks in their second contest; a recent article about Ali buying buses for Chicago - area public schools (immediately after seeing a TV news story about how Dade County had no money for new buses, Ali sat down, wrote a check and mailed it, not using the gift as a tax deduction); and one about helping a young man wearing a hooded dark sweatshirt and jeans who crawled out on a high window ledge of a Wilshire Boulevard skyscraper in Los Angeles to kill himself.

Schwartz points to a case in Pittsburgh, where a downtown YMCA was forced to pay taxes after courts found the facility was not putting enough of its money toward charitable uses.

Topics in the Q&A included the source of money for the City's planned pre-K advertising campaign, the City's target number of pre-K applicants, whether Speaker Silver thinks the proposed income tax surcharge should be pursued next year, how the pre-K selection process will work, how the City will cover the approximately $ 40 million annual gap between the estimated cost of pre-K and the amount provided in the state budget, when parents will learn whether their pre-K application has been accepted, how the City will collect data and measure success of the pre-K program, whether the existing pre-K application process will be changed, how the City will use money from the anticipated school bond issue, the mayor's reaction to a 2nd Circuit ruling that City may bar religious groups from renting after - hours space in public schools, the status on a proposed restaurant in Union Square, a tax break included in the state budget that provides millions of dollars to a Bronx condominium project, the «shop & frisk» meeting today between the Rev. Al Sharpton and Police Commissioner Bratton and a pending HPD case against a Brooklyn landlord.

But after spending much of last week working to do that, the Comptroller's Office belatedly discovered that the incoming sales tax money had already been used to secure the loan from Evans Bank.

One state after another is going to continue to say, «Why are we wasting our time and money and precious resources in prosecuting people for their use of cannabis, when we can tax this and regulate and oversee it and make sure it's safe for the consumer?»

Conversely, when you pay the premiums using the after - tax money, you keep the full benefit and do not pay any taxes.

The Roth IRA contributions are taxed immediately and withdrawals, including principal and interest, are not taxed (the money used for a Roth is after - tax and you don't get a tax break upfront like a traditional IRA).

You make contributions with after - tax money, earnings grow tax - free and the money you withdraw will not be taxed as long as it is used to pay for college.

Tax Advantage: Use after - tax dollars, but money in the account grows tax free, and no taxes on the distribution if used for education expenTax Advantage: Use after - tax dollars, but money in the account grows tax free, and no taxes on the distribution if used for education expentax dollars, but money in the account grows tax free, and no taxes on the distribution if used for education expentax free, and no taxes on the distribution if used for education expenses

If you plan to use this strategy, be aware that the Canada Revenue Agency (CRA) insists that you leave the money in the spousal RRSP for up to three years after the higher - income spouse has made a deposit, otherwise, it's taxed in the higher earner's hands.

You need to list all the expenses you have each month and then subtract them from your monthly after - tax income, if you have any 100 % disposable income left over then it's OK to use that money to trade with.

As long as the after - tax interest rate on the mortgage is higher than the after - tax interest rate you are earning on your cash, then you save money by using the cash to pay down the mortgage.

On the other hand, paying down a debt that only costs you 2 % or 3 % after - taxes is an inefficient use of your money.

Since all the money in the HSA remains available for medical use (even after retirement) and grows tax - free, this is an ideal opportunity for extra retirement income.

After you're gone, this policy pays income - tax free money your family can use for final expenses, mortgage payments, bills, debts — or any reason.

The return of the growth is calulated after substracting the MER.75 % of the principal is guarenteed at maturity.You can also withdraw 10 % without any penality in every year from the segregated funds.You can also do SM through Manuone.If you can put 10 % with CMHC insurance, either borrow a lumpsum from the subaccount, if you have the equity, or can use dollar cost averaging.In this case you pay only prime rate for the mortgage aswell as for the subaccount just like a credit line.The beauty of the mauone is that you can pay of the mortgage at any time if you have the money.Any money goes into your account will reduce your principal amount, and you pay only the simple interest at prime for the remaining principal.With a good decipline and by putting the tax returnfrom the investment in to the principal will reduce the principal subsatntially.If you don't have the decipline don't even think of this idea.I am an insurance agent, recently I read this SM program while surfing the net, I made my own research and doing it for my clients.I believe now 20 % downpayment can get a mortgage without cmhc insurance.Fora long term investment plan, Manuone with a combination of Segregated fund investment I believe is the best way to pay off the mortgage quickly and investment for the retirement.

Roth IRA — A Roth IRA is similar to a Traditional IRA, except that you invest using after - tax money.

An even bigger tax benefit (long term) is to take the extra salary and max out an individual Roth IRA using after - tax money.

Do you really think that after many people who saved using Roth IRA for their entire career and now have all this tax - free money sitting out there is not going to attract the politicians attention?

I figured I'd likely use after - tax money to fund the LTC insurance, and I'd, therefore, use after - tax money to invest for self - insurance.

You can't make new contributions to an HSA after you sign up for Medicare, but you can use the money tax - free for medical expenses at any time.

When you withdraw money from your RRSP or RRIF — the tax is calculated using your average tax rate (after other income sources such as pensions).

Employees can use after - tax money to purchase this stock.

In terms of specific, the best way to achieve optimal tax strategy would be to use a tax shelter like a Roth IRA which consists of contributions made with after tax dollars, and that allows the money to compound tax - free in the account and when it comes time for distributions.

Being tax - sheltered gives the advantage of putting 25 % more money to work (if 25 % is your tax bracket), but if it's costing you 33 % to do this (i.e. the 2 % lost tax benefit divided by your 6 % net after - tax return), it may not make sense, though using an IRA definitely does save a lot of tax reporting headaches, and that's a big advantage.

This account differs in that you use after - tax money to fund it, but everything you withdraw after age 59 1/2 is tax free!

The same is true if you use after - tax money to pay off debt like credit cards or a car, or to make a big purchase.

For example, if you have input $ 1,000 in annual withdrawals in the Investment Comparator, and the tax rate is 20 %, and all money coming out of the insurance product is subject to 20 % tax after you get it (always use identical tax rates on both sides), then you'll need to adjust the amount of insurance product withdrawals up to also take taxes out of the balance (because that's how it works in the Investment Comparator calculations, and in the Real World).

A Roth IRA forces you to use after - tax money to invest, but when you eventually withdraw the money at retirement age you will not have to pay any income tax on the earnings.

The money you use to repay the loan is coming from after - tax dollars, and so you're losing the benefit of the retirement plan as a tax shelter.

Finally, another unspoken benefit of the HSA is that you can use your HSA money after age 65 for your Medicare Premiums — tax free.

In case you didn't know, after basic things like wills are all in order, estate planning is basically nothing but using trusts, life insurance, and other strategies to «give your money away without really giving it away,» just so you won't have to pay Federal estate taxes when you die.

These new rules can be used when taking money from either type of account, but the benefit is greatest when you have after - tax dollars in a traditional account.

They may even engage in more specific activities, such as using your identity to file for a fraudulent income tax return, or participate in a mortgage scheme that enables them to run off with large amounts of money after the closing.

Your donation is tax deductible and Shelter Chic will use 100 percent of the money that's raised (after transaction fees) to save the lives of homeless pets.

After the biggest and most expensive propaganda campaign in human history, leading to the biggest tax increase in human history, trying to stop «global warming» that isn't happening anyway and won't happen at anything like the predicted rate is the least cost - effective use of taxpayers» money in human history, bar none — and that's saying something.

In the insurance world you will see universal life insurance being used more in advanced estate planning after other tax - free / tax deferred options (like 401ks, IRAs, etc...) have been maxed out and customers are seeking ways to maximize their money in a tax deferred way to help minimize current tax obligations that can't be gained using other forms of investment vehicles.

You can put money in an HSA tax - free and use it for qualified medical expenses after your high deductible is paid (usually about $ 1,250 or higher).

Under the initial version of the ACA repeal bill, money left over from tax credits (after paying for premiums) could be invested in an HSA and there was no explicit prohibition against using money in HSAs to pay for an abortion.

Gina, does your market even have an inventory of houses you could buy, fix and either hold or flip for the amount of money you plan first to use to pay your refi on your current house and then to generate after tax income.

I have long held that FINTRAC is a cynical ploy by Revenue Canada to use 9/11 as a pretext to ferret out tax evasion schemes, and I still do, Therefore, I put my hand up to ask the question «How many terrorists and money - launderers have we Realtors caught, after a year of implementation?»

The money you're using to buy these bonds is AFTER TAX money.