Hello everyone,
This is my first post on the site. I've gleaned a lot of very helpful information and would appreciate your thoughts on my question. I'm currently 28 and these figures would be applicable when I am 38 years old. I am also married. I've put together a projected analysis of my retirement cash flow at 38. Is my tax treatment of these items accurate? I would love it if there was a way to minimize the tax on the items I'm thinking are going to be taxable.
Traditional 401K $25,867 Long-Term Capital Gains and Dividends (0% Taxable)
Traditional IRA $7,221 Long-Term Capital Gains and Dividends (0% Taxable)
Lending Club $17,766 Taxable as Ordinary Income (15%)
Taxable Brokerage $3,200 Long-Term Capital Gains and Dividends (0% Taxable)
Rental Income $19,200 Taxable as Ordinary Income (15%)
Part-Time Work $5,000 Taxable as Ordinary Income (15%)
Total Pre-Tax Income: $78,495
Total Taxes: 17,766 x .15 + 19,200 x .15 + 5,000 x .15 = 6,294.90
Total Post-Tax Income: $72,200.10
Associated Calculations
AGI = 78,495 - 12,200 - 7,800 = $58,495
Thank you very much for your feedback.