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6 sats \ 4 comments \ @BlokchainB 21 Dec 2023 Personal_Finance

Everyone’s favorite time of the year TAXES!!! I am expecting a huge tax bill this past year due to me liquidating my 401(k) in 2023.

Yeah it will suck paying a large sum of money to the IRS but the way I see it is tax rates will go up. Rip the band-aid off now pay my tax plus penalty and be done with 401(k)s

I forget when the trump tax cuts expire but they will and those brackets will adjust. Plus the government needs more revenue as they look to shake down people by having cash app and Venmo report on $600 payments! I think that got pushed back again so we should be okay this tax season.

Good luck stackers on slaying your taxes!!

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100 sats \ 2 replies \ @boisechampion 21 Dec 2023

Hell yeah. Once my wife quit her w2 job we cashed out her 401k, it wasn't much ($20,000). I remember it being the biggest pain in the ass, took multiple months. Even though it was supposedly the best in the business, Vanguard.

We don't have anything in the traditional system anymore besides maybe https://gosteward.com/ but honestly I don't consider that traditional.

It felt so freeing escaping that system. We sold our rental in 2022. Ohh boy the capital gains tax on that one SUCKED!!

I don't know if taxes will go up or down. Something in my gut is telling me that in 10 years they will start massively passing tax cuts to have children. The population collapse we very real and eventually its going to get bad bad. It would be epic if it was 10-15% off income tax for every kid you have. Texas does something like this on a state level, it if passed.

1 sat \ 1 reply \ @BlokchainB OP 21 Dec 2023

Absolutely everyone i know is maxing this thing out and then once it’s time to retire and the stupid Retirement Minimum Distribution is ridiculous

50 sats \ 0 replies \ @boisechampion 21 Dec 2023

Heres a conversation I eventually want to post about...

How is it possible that everyone wants to invest in a 401k, Roth, IRA, etc etc and dump it all into index funds and its just suppose to go up forever?

I think its only a matter of time before big corps and hedge funds mass dump, tank the market, cause retail to panic and then rebuy everything up.

The system can't be supported with passive index funds forever. Something has to eventually break. The PE ratios along with every other metric make no sense whatsoever.

0 sats \ 0 replies \ @GlobalThreat 21 Dec 2023

noe