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How to Read Your (IRS Form 1040) Tax Return -April 2013
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How to Read Your (IRS Form 1040) Tax Return -April 2013

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Here's why you shouldn't just fill out your taxes in the spring and then forget about them. There are valuable things to learn from your taxes.

Here's why you shouldn't just fill out your taxes in the spring and then forget about them. There are valuable things to learn from your taxes.

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  • Don’t forget the “Back door” approach to Roth

How to Read Your (IRS Form 1040) Tax Return -April 2013 Presentation Transcript

  • 1. How to Read Your 1040April 25, 2013Charlottesville Senior CenterDavid John Marottawww.MarottaOnMoney.com
  • 2. The Ongoing Economic Malaise
  • 3. Single or MFJ?
  • 4. Hide
  • 5. $4,000$4,000$4,000$4,000$4,000$4,000$24,000 State Tax Deduction
  • 6. What is your Income?
  • 7. [7] Wages, salaries, tips, etc.+ [12] Business Income+ [16a] Pensions and annuities+ [20a] Social security benefitsINCOME=
  • 8. Can you fund IRA?
  • 9. ROTH IRA Phaseouts:•$178,000-$188,000 (MFJ)•$112,000-$127,000 (Single)Traditional IRA Phaseouts:•$95,000-$115,000 (MFJ)•$59,000-$69,000 (Single)Backdoor Roth
  • 10. ContributionLimit$5,500Catch-upProvision$6,500Age 50+
  • 11. $0
  • 12. Investment VehiclesInvestment Vehicles
  • 13. WithdrawalsWithdrawalsTraditionalIRARothIRAContributionsContributionsWithdrawalsNondeductibleIRAContributionsRMD
  • 14. Money InInvestmentIncomeMoney OutIRARothTaxable
  • 15. 0% Capital Gains Tax
  • 16. Don’t buy mutual funds in taxableaccounts late in the yearBuyBuy$
  • 17. BuySellTax Lot OptimizationBuyBuyBuyBuyBuyBuy
  • 18. MFBuyYouBuyMFSellMutual Funds vs.Exchange Traded Funds (ETFs)
  • 19. RMD / Roth Conv.
  • 20. JanAprOct$$
  • 21. “The Line”Marginal Tax Rate[40] Deductions
  • 22. $5,700StandardDeduction$5,700StandardDeduction$5,700StandardDeduction$5,700StandardDeduction$4,000ItemizedDeduction$4,000ItemizedDeduction$4,000ItemizedDeduction$4,000ItemizedDeduction$8,000ItemizedDeduction$8,000ItemizedDeduction
  • 23. 30-year fixed home mortgage.$250,000 capital exemption.
  • 24. Tax Torpedo
  • 25. Not part of yourStandard of Living
  • 26. INCOME- [60] Federal Taxes- [A-5a] State Taxes- Taxable Savings- [A-19] Unusually High Charitable GivingSTANDARD OF LIVING (SOL) =
  • 27. Gift Appreciated Stock
  • 28. $3,000 / year
  • 29. [43] – [9a] – [13]Base taxable income =[43] Taxable Income- [9a] Qualified Dividends- [13] Capital Gains.
  • 30. Virginia Land Preservation Tax Credits12% OFF!10y carry forward$0 next year min
  • 31. How to Read Your 1040April 25, 2013Charlottesville Senior CenterDavid John Marottawww.MarottaOnMoney.com
  • 32. Comprehensive Wealth Managementwith a Trusted Fiduciary Advisor