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by Danny184
Wed Jan 13, 2021 5:29 pm
Forum: Personal Investments
Topic: 401k and savings questions for non-conventional job
Replies: 10
Views: 566

Re: 401k and savings questions for non-conventional job

There is a lot to dig into here! I'm relatively new to this forum as well, but I can at least shed some light on the Roth/Traditional debate as well as offer my opinion. A good starting point is taking a look at the 2020 federal income tax brackets and tax rates. See below Rate For Single Individuals For Married Individuals Filing Joint Returns 12% $9,876 to $40,125 $19,751 to $80,250 22% $40,126 to $85,525 $80,251 to $171,050 With the income numbers that you are describing, it's important to see what kind of actual benefit you would immediately see by contributing to a traditional tax-deferred account. Assuming you are single (I don't think I missed any indication that you gave that you are married), you can see that contributing to a trad...