FireTax helps you understand your finances and reduce taxes now and in retirement with simple, personalized strategies that help you keep more of your money, no expertise needed.
Child Tax Credit: $0 (0 × $2,000)
Other Dependent Credit: $0 (0 × $500)
Based on your MAGI of $30,125 and single filing status
Full deduction if under MAGI limit, phases out above
Under MAGI limit of $77,000
Max deduction: $7,000
Deductible up to $2,500 if under MAGI limit
Under MAGI limit of $75,000
Max deduction: $2,500
No MAGI limit, but requires HDHP coverage
No MAGI limit
Max deduction: $4,300
Deductible if > 7.5% of AGI, no MAGI limit
No MAGI limit
Up to 60% of AGI for cash donations
No MAGI limit
Interest on up to $750K mortgage debt
No MAGI limit
Max deduction: $750,000
Note: This is a simplified overview. Deduction eligibility depends on many factors including specific circumstances, other income, and current tax law. Consult a tax professional for detailed advice.
Advanced strategies to minimize your tax burden based on your current situation
After-tax 401(k) contributions converted to Roth
Consider implementing this strategy
Up to $69,000 total 401(k) contributions per year
$46,000
Maximize HSA contributions for tax-free healthcare
Consider implementing this strategy
Tax-deductible contributions, tax-free growth, tax-free withdrawals
$4,300
Convert Traditional IRA to Roth during low-income years
Currently in 12% bracket - good time for conversion
Consider converting Traditional IRA to Roth
Pay taxes now at lower rate, tax-free growth later
Bunch charitable contributions for maximum deduction
Consider implementing this strategy
Itemize deductions in high-income years
$0
$0
0.00%
$0
$0
0.00%
-$0
-$0
-$0
$0
0.13% of total income
$0
$0
0.00%
Total tax as percentage of total income
$30,125
Modified Adjusted Gross Income
Note: This calculator uses simplified 2024 tax brackets and rates. Actual tax liability may vary based on deductions, credits, and other factors. Consult a tax professional for accurate calculations.