An opportunity came up and I figured it was now or never so I'm heading back to work. Most likely short term but it gives me an opportunity to see an older relative and help him out while also padding my savings and having an east coast base for trips to Europe.
My question is, are there any financial things I should do now that I'm earning income again?
For example, I can put $8,000 into a Roth which I'll do. Obviously having earned income this year means I probably will avoid doing any Roth conversions and instead wait until my income is lower in 6-18 months.
Since I'm starting mid year their won't be much of a tax hit. I'm probably going to put most of the 401K money into tax deferred and not Roth since I should have about 6 years where my income will be controllable and low and can do Roth conversions at that time.
My question is, are there any financial things I should do now that I'm earning income again?
For example, I can put $8,000 into a Roth which I'll do. Obviously having earned income this year means I probably will avoid doing any Roth conversions and instead wait until my income is lower in 6-18 months.
Since I'm starting mid year their won't be much of a tax hit. I'm probably going to put most of the 401K money into tax deferred and not Roth since I should have about 6 years where my income will be controllable and low and can do Roth conversions at that time.
Statistics: Posted by rich126 — Mon Jun 17, 2024 7:48 pm — Replies 1 — Views 393