Filing 2021 federal income tax/Carlos Pueblo

 Filing 2021 federal income tax/Carlos Pueblo

It's about a time to file 2021 federal income tax. Arthur and Amy plus myself are in higher tax bracket this year due to the stock market appreciation and my over withdraw of my pension fund more than the requirement minimum distribution.

Arthur has a un-expected Game Stop short term capital gain plus his old uniform gift to minor act account with a huge dividend. He is a single living at home with none deduction at all with an income five times his work pay. He lost his regular IRA deduction for that year due to income exceeding the limit. His top tax rate is reached to 35%. We can see how powerful regular saving and investment can help you.

Amy has un-expected high dividends as well plus my pension withdraw bump us to pay our minima social security payments as taxable income. I pay more federal income tax than when I was young. We have to withdraw our savings to pay our federal income tax and lucky us we can avoid to pay penalty because that we are all U.S. citizens.

I would rather pay the federal income tax than run short of money. IRS is very complete and thorough that we can't escape anything from the filing. IRS asks you everything and I don't see how we can escape any income at all. This is what I like to see Donald Trump's income tax filings that so rich of a man can pay no federal income tax for 20 years in a row.

I was at the bracket of 0% income tax before one time. I was among 50% of the US population level. Now I don't have any deduction such as business expanse, mortgage deduction, and child support, etc. IRS asked me to pay college loan penalty because they disagreed. I appreciate very much for that we must maintain such a good nation by paying federal income tax. Paying Trump's security protection and Pompeo's security guards, etc. required very much federal revenues.