lolheisdead59 OP t1_j2f0219 wrote on December 31, 2022 at 7:51 PM

Reply to comment by BouncyEgg in Financial Moves for Child. Calling all Parents. by lolheisdead59

No, not at all. The child hasn't been born yet. Given the fact that I'm military, our taxes are relatively low due to military pay.

I've never had to worry about maxing tax advantages, which has inevitably lead to screwups on my part with short term gains on my own brokerage account. I am keenly aware that once my wife and I transition out of the service tax advantages are going to be more important.

Thank you for this post. I will go through all of these resources.

soullessgingerfck t1_j2fho60 wrote on December 31, 2022 at 9:59 PM

> maxing tax advantages

any retirement/investment account that gives a tax advantage has a yearly contribution limit

so when they ask if you have maxed your tax advantaged space they mean have you put $20,500 in your 401k (TSP), $6,000 in a Roth IRA, $3850 in a HSA, $8000 in a 529, etc.

paying low to no taxes now isn't relevant, its the account that provides tax advantages now or in the future or both, regardless of your current tax situation