Terran: My wife and I contributed $8k to our 401k, and I have a teacher pension. Does this mean that I can’t reduce my income level by contributing to an IRA? Is there any other way to reduce my income?
MDM: I thought the child tax credit phased out over incomes of $120k, and Turbotax specifically said that I had earned too much to get the credit.
Boarder42: Fair question, the real reason was that we needed lots of cash for this year, we paid off the last $40k that we owed in student loans, and saved up enough for a 20% down payment on a house, we’re moving across the country to be with family for our new kid.
My basic question is whether there is any way to reduce my income? Does anyone know of a way besides funding an IRA?