The Alternative Minimum Tax (AMT) is an archaic tax law that was originally intended to make sure that high income earners were “paying their fair share.” As if the tax law was not complicated enough, the tax law experts thought it necessary to not only calculate your taxes once, but twice. The first time it is calculated through the regular methods (brackets, etc) and the second time through the AMT. Whichever is higher is the tax you pay. So, today we will answer the question “Will I pay the AMT”
Recently I felt a bit like the dog who finally caught the tire he was chasing. I’ve been tasked with making a personal finance curriculum for the senior MD, PA, and SRNA students at my medical school. Now, I need your help! Please, leave a comment and let me know what you think are “musts” to include!
Many tutorials will instruct you on how to perform a Backdoor Roth Conversion However, very few of them go through a step by step process for the very first time you ever set up a Backdoor Roth IRA. I, unfortunately, ran into several snags because of this.
After you have maxed out your employer 403B/401K for you and your spouse and any governmental 457s, a backdoor Roth should be your next step! Read more to find out how.