Federal only; my domicile is Texas which has no state income tax.
- ~$16 is interest income from my Ally Bank savings and checking accounts.
- ~$4,700 is withdrawals from my 457.1 It’s actually a 457 that contains a very small amount of rolled-over 401k funds. These were combined on the advice of a “financial advisor” who provided inaccurate advice leading to the fee we see below.
- $51 was penalty from the inextricably-interwined 457/401k
- ~$13 (not shown) preparation fee from taxslayer after the SLAYIT35 promo. I’m pretty good at finding the free options but taxslayer has really, really hidden it. I finally gave up and paid the $12-something, which I’m sure is what they are counting on.
The refund is $889 and represents a lack of foresight on my part. The 457 is yielding a bit over 8% annually which means I lent $889 to the IRS and missed out on earning ~$71 (tax-deferred).
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like 401k only for governmental entities) ↩