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Thread: Disabled Dependent Income Limits

  1. #1

    Disabled Dependent Income Limits

    As I understand it you can only make about $4100 in taxable income to be claimed. If someone is only $300 above that amount, is there any way to make or get and exception?

  2. #2
    Senior Member Vintage's Avatar
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    I am also in Texas. I have no 'earned income'. But I have a friend who works for H&R Block. If I can find a time to ask him without making myself a nuisance, I'll try to find out for you, Lyerly. If there's any other detail that you know he'll need in order to answer your question, you can PM me.
    Last edited by Vintage; 01-29-2017 at 02:31 PM.
    Female, T9 incomplete

  3. #3
    Contributing to an IRA decreases taxable income.

  4. #4
    Quote Originally Posted by August West View Post
    Contributing to an IRA decreases taxable income.
    Until:
    Required Minimum Distributions (RMDs) generally are minimum amounts that a retirement plan account owner must withdraw annually starting with the year that he or she reaches 70 ? years of age or, if later, the year in which he or she retires.e

    Then, if you've been fortunate and have a decent retirement income from investments, 401K, pensions, etc., this required minimum distribution can throw you into higher income tax brackets, and you can be paying a huge amount in taxes in retirement.

    Sorry slightly off topic, but worth noting.

  5. #5
    Quote Originally Posted by gjnl View Post
    Until:
    Required Minimum Distributions (RMDs) generally are minimum amounts that a retirement plan account owner must withdraw annually starting with the year that he or she reaches 70 ? years of age or, if later, the year in which he or she retires.e

    Then, if you've been fortunate and have a decent retirement income from investments, 401K, pensions, etc., this required minimum distribution can throw you into higher income tax brackets, and you can be paying a huge amount in taxes in retirement.

    Sorry slightly off topic, but worth noting.
    Usually IRA is a a pay now or pay later choice. But in this case, there's a twist. The third party involved benefits now without possibly any penalty later.

  6. #6
    Thanks for the replies!

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