Paying Taxes Can Tax The Best Of Us: Difference between revisions

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Revision as of 17:59, 16 September 2024

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B) Interest earned, however not paid, throughout a bond year, must be accrued at the end of the bond year and reported as taxable income for the calendar year in that the bond year ends.

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If the $100,000 a year person didn't contribute, he'd end up $720 more in his pocket. But, having contributed, he's got $1,000 more in his IRA and $280 - rather than $720 - in his pocket. So he's got $560 ($280+$1000 less $720) more to his moniker. Wow!

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