Author Topic: Laid off in Feb. 2015....anything I'm missing tax wise?  (Read 1613 times)

NorcalBlue

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Laid off in Feb. 2015....anything I'm missing tax wise?
« on: November 26, 2015, 11:47:20 AM »
Was laid off in Feb - which played out nicely since I was about to FIRE anyway :).

Anyway, ended up with a 50k severance.  My gross income for the year is going to come in around $90k I think.

Just wondering if there's any other considerations in terms of tax savings I could take advantage of since I was laid off?  Miles looking for another job (this would be a stretch) for instances?  Thanks and Happy Thanksgiving

TomTX

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Re: Laid off in Feb. 2015....anything I'm missing tax wise?
« Reply #1 on: November 28, 2015, 11:27:59 AM »
IRA contribution?

jim555

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Re: Laid off in Feb. 2015....anything I'm missing tax wise?
« Reply #2 on: November 29, 2015, 06:09:29 AM »
If you paid health insurance premiums in the year you got UI you can remove that amount out of a tIRA without a 10% penalty.  But that still want the taxes on it.

TomTX

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Re: Laid off in Feb. 2015....anything I'm missing tax wise?
« Reply #3 on: November 29, 2015, 06:13:18 AM »
Start a business and expense the startup costs? I need to learn more about this subject myself...