The contribution limits for how much you can contribute to various retirement accounts is the same in 2021 as they were in 2020. The catchup contribution for those 50 and over remains the same as well. However, the phaseout ranges have changed slightly. In this video we will at the maximum contribution limits for 401(k), 403(b), most 457 plans, the federal government’s Thrift Savings Plan, and IRA accounts. We will also look at the phaseout ranges and I’ll explain how the phaseout works as well.
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"when you contribute to any of these pre tax accounts now… eventually youre going to have to pay the taxes on it"
haha not true for me bro. maxed out my pre-tax Simple IRA over 4 tax years when I was working as a pharmacy manager just out of school making about 150k/yr a few years back. Was able to grow that money quite a bit in a short period of time and then when I quit to go back to medical school I converted all my positions to like cash/tbills/moneymarket whatever. I was essentially "retired" and had been banking on using that money over 4 years.
Each school year I take out the standard deduction + education tax deduction worth to avoid having to take out those horrible grad PLUS loans I would otherwise need to eat.
turns out you can make penalty free withdrawals from your retirement accounts to pay for qualified school expenses, and mine are like ~70k/yr according to 1098-e lol.
if you wait to do this till like 2 years after you open the account you also avoid the other 10% penalty.
0% penalities, 0% taxes. I am starting to think that income tax is only for poor people.