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I miss this place!

July 11th, 2007 at 01:29 am

Okay, so I have not posted in a while. But worse, I haven't been reading at all! After almost seven months of unemployment I landed a job and I started a couple weeks ago. In the run up to that I hadn't been visiting the site because I had a 100 things that needed to get done before starting the new job. Now that I am at the job, I am tired at night.

I was never a frequent poster but I loved to read about all of you. Even though my financial situation has improved because I am once again employed, I am still very interested in reading the blogs and forums. I'm just into it!

The only bad thing about my new job is that I'm not able to contribute to the 401k for 6 months. This means I have little to no tax sheltering available to me for 2007. I have made a resolution however, that when I can start it up in 2008 I am going to make the max contribution (15500? or maybe it will increase for 2008).

7 Responses to “I miss this place!”

  1. ceejay74 Says:

    Have you ever contributed to an IRA? If you start a traditional IRA, your contributions will be tax-sheltered for the 2007 tax year. (That's if you would like the tax break on your next return. A Roth IRA won't give you a tax break now, but all withdrawals, including the earnings on it, will be tax free.)

    Any bank can set one up for you. I'd look into the traditional because it works much like a 401(k) in that you get some benefit now.

    Good luck!
    CJ

  2. Amber Says:

    Congrats on the job Smile I was thinking on the lines of Ceejay's thought to contributing to an IRA. My job does not offer a 401k so I contribute $50 a pay check to an IRA; it's not nearly as much as I should but I figure it is something.

    Good luck

  3. daylily Says:

    I can do a traditional IRA but I won't be able to take the 4k deduction because my combined household income is over the limit.

  4. JanH Says:

    Congrats on the new job!

  5. Carolina Bound Says:

    Glad to hear you're employed and hope you will continue to join us. I know how it is being tired at night, though.

  6. ceejay74 Says:

    Shoot! I thought maybe the 7 months of unemployment would ensure you'd be eligible. Well, there's worse things than making too much to take advantage of tax breaks! :-)

  7. daylily Says:

    Ceejay, I have my spouse's income that adds to the overall. Plus, for 2007 I was unemployed for 6 of the months - the other month was in Dec 2006. Even so, I received a somewhat decent separation package from my former company that was paid in 2007. Hence, the overall totals will put me over the limit for being able to deduct for a Traditional IRA.

    I just received my first direct deposit advice slip today so I can see the tax witholding amounts. Ouch. It really hurts not to be able to contribute to the 401k. I'll definitely be paying a lot of taxes this year.

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