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6837189 No.6837189 [Reply] [Original]

Yesterday I received my W-2's and other tax forms, figured we could have a thread about it.

> What was your 2017 gross?
> What are your tax-advantaged accounts? (401k, IRA, HSA, etc)
> What are you doing to maximize your refund/withhold your contributions?

I'll post my own details in a separate post.

>> No.6837218

C'mon taxman you can do better than this.

>> No.6837268
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6837268

This is the first year that I've maxed by 401k and IRA, and hopefully I can continue that moving forward. My 401k plan doesn't allow after-tax contributions so I can only hit 18k instead of 54k. I have both Traditional and Roth plans, hoping to use Traditional accounts for retiring early (when my tax bracket is 15-20% lower) and Roth conversion ladders for the intermediate period b/c of the 5 year vestment.

Taxable brokerage account didn't grow _too_ much (~20k), but this is expected as 1) didn't have much in the market this year and 2) most of it is in passive Vanguard funds. I'm hoping that within five years the proverbial engine will kick into gear and my passive income will eclipse my working income.

Gross was ~110k. Changed jobs and moved across state lines, so was off for most of June. Still solid, though.

>> No.6837330

>>6837189
First year in crypto hows it affect your taxes?

>> No.6837756

>>6837330
In short, the IRS expects you to act in good faith. Most folks I've talked to concede that most crypto traders won't have detailed documents of every trade they've ever made, but you will have bank and exchange statements. If your funds have gone through a bank or exchange, treat them like capital gains tax and put it on your 1040. The IRS won't care that as much about the details unless you're blatantly avoiding them and 4-6 figures are magically appearing in your account.

Alternately, you could try to not report your crypto gains if you haven't put them on an exchange/sold. While "in theory" the IRS have been publicly tracking the blockchain (remember it is entirely public), the work would be on them to prove that _this_ trade and _this_ wallet belong to you. I can't legally condone doing that, but it'll be a bitch for them to track so you could theoretically get away with it.

>> No.6837926

>>6837756
So until I hit the 100k mark and above just make it look like im playing dumb with my investments on my taxes?