About Me

jIM

I am a 35yo married and father of twins. I will update the photos once in a while. They were born 3 months early in March of 2008 and went through a tough first 4 months. They are now doing well.

Retirement checkpoints
( ) $1.5 M needed age 53 2026
( ) $750k needed age 45 2018
( ) $375k needed age 37 2010
( ) $180k needed age 29 2002

I had 200k before the drop in 2008. I need to set aside around 200k in next 2.5 years to get early retirement.

[ ] max 401k for me
[ ] max 401k for wife
[x] max Roth for me
[x] max Roth for wife
[x] start taxable portfolio
[ ] 3 months expenses in EF
[ ] 9 months expenses in taxable account
[ ] open college savings account for kids
[ ] dividend income equals half of annual expenses
[ ] pay off 2nd mortgage by 2013
[ ] pay off 1st mortgage by 2026
[ ] finance next car for 3 years or less
[ ] pay cash for my next car around 2016
[ ] start a TIPs 10 year bond ladder by 2016.

2007 taxes

February 12th, 2008 at 05:56 am

2007 tax year summary:

Married filing jointly

Gross Income 103k
Adjusted Gross Income 65k
effective tax rate 8%

That was my lowest effective tax rate since working full time. I am curious what others effective tax rate is?

Posted in Spending | 2 Comments »

2 Responses to “2007 taxes”

terri77 Says:
February 12th, 2008 at 01:24 pm

I think my effective tax rate was 8% and marginal tax rate was 15%. My gross income was 56k. Not sure of my AGI, but it was significantly lower due to itemizing several deductions and credits.
Livingalmostlarge Says:
April 7th, 2008 at 06:52 am

Effective tax rate was 5.6%. Lowest ever too! Grossed ~$120k. Gigantic mortgage, student loans/tuition, maxed out 401k, etc.

jIM_Ohio is Investing to retire early

Instead of making retirement a question, make it a sport- can I do it and how fast?

2007 taxes

2 Responses to “2007 taxes”

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