Hook a brother up with some secrets. I got a 401 I dump a lot into. Tax deferred. A rental property but we cap the deduction at the 11,600 with my wife and I working. Last year I had 14k in out of pocket medical and the irs let me write off about 5k of it. So last year was a big refund and we got 2k back. We pay in about 25k During the year. Most years I get 1,000 federal but Nm is a high state so I owe Nm 899. I see maybe 20$ after turbotax fees.
have you considered rolling your 401k into a roth ira ? not sure if its employer based 401k, you are capped on contribution with an Ira however, but if you split the 401k into new roths would it equal what you contribute into your 401k because roth is 5600 per year, your running a big risk on paying your taxes at retirement when that time comes due to the instability of our econmic 20 years from now, who knows what taxes would be. As for your rental property you should consult a CPA and question them on starting an LLC property management company and make your rental the sole business under the LLC ( if its paid off ) you will have that as earned income under the llc pay your taxes and claim everything else that is " business expense " and further more if you have very good equity in the rental take an equity loan and buy another one preferably fannie mae HUD so you are always getting your rent because it comes from the GOV. you sound like you may have a lot of options and your may be hurting yourself using turbo tax, you should really seek a CPA that will " ride the fence of legality " for you and your family.
Don't Let Your Tongue Be Your Worst Enemy
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