How to Read Your 1040

April 18, 2012Charlottesville Senior

CenterDavid John Marotta

Matthew IllianAustin Johnston

www.MarottaOnMoney.com

The Ongoing Economic Malaise

ROTH IRA Phaseouts: •$173,000-$183,000 (MFJ)•$110,000-$125,000 (Single)

Traditional IRA Phaseouts:

•$91,999-$112,000 (MFJ)•$57,999-$68,000 (Single)

Money InInvestment

Income Money Out

IRA

Roth

Taxable

Hide

$4,000

$4,000

$4,000

$4,000$4,000

$4,000

$24,000 State Tax Deduction

Virginia Land Preservation Tax Credits

15% - 25% OFF!

10y carry forward

$0 next year min

$5,700 Standar

dDeducti

on

$5,700 Standar

dDeducti

on

$5,700 Standar

dDeducti

on

$5,700 Standar

dDeducti

on

$4,000 Itemize

dDeducti

on

$4,000 Itemize

dDeducti

on

$4,000 Itemize

dDeducti

on

$4,000 Itemize

dDeducti

on

$8,000 Itemize

dDeducti

on

$8,000 Itemize

dDeducti

on

30-year fixed home mortgage.

$250,000 capital exemption.

Don’t buy mutual funds in taxableaccounts late in the year

Buy

Buy

$

Buy

Sell

Tax Lot Optimization

Buy

Buy

Buy

Buy

Buy

Buy

MFBuy

YouBuy

MFSell

Mutual Funds vs. Exchange Traded Funds (ETFs)

Consider moving

How to Read Your 1040

April 18, 2012Charlottesville Senior

CenterDavid John Marotta

Matthew IllianAustin Johnston

www.MarottaOnMoney.com