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In reply to the discussion: ...and boom goes the dynamite. (TurboTax) [View all]ProfessorGAC
(76,622 posts)My wife and i. That's it. No mortgage for 18 years. Not taking any money from annuities, 401K, or pension plan front load options.
We keep everything in checking and debit card accounts now since the interest earned on MMA and passbook is negligible. (A 100k only pays 100 per year. Big deal! And we don't have a 100k in cash so, it's even less a deal.)
So, it's all just regular income. Taxed at one rate with the standard deduction and no added exemptions. No rental property, no gambling gains or losses, no stock sales for gains or losses.
Jumping on HR Block software and doing it myself and i am 100% confident that no accountant could save me any money.
Now, the year my mom died, that's a different story. I didn't do that year myself.