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[quote=Anonymous][quote=Anonymous]Absolutely don’t change your lifestyle. Pretend the extra money doesn’t exist. If you also work, your salary will now be taxed entirely at one of the highest brackets, so you may need to change your withholding to reflect that. Any CPA can help you figure that out.

In Maryland, you can put $5k for each child each year in a 529 that is tax deductible on state taxes — so for you, $15k, if you live in MD.

Make sure you are both contributing max to 401k.

Contribute 7k each to an IRA and then convert to though backdoor Roth IRA.

Keep track of your charitable donations because it may make sense to itemize if you also have a large mortgage interest that you can deduct.

Track dependent care spending if you have a nanny, daycare costs, afterschool costs so you can deduct up to a certain amount.

Thats pretty much it on a W2 income.[/quote]

Generally good advice, but it's unrealistic and unfair to tell them to "not change their lifestyle at all."  Their income more than doubled, they are entitled to a splurge or two.  I'm not saying they should go out and get matching Aston Martins and only fly first class, but let them live a little.  Based on a very small sample size, OP sounds like she's got a good head on her shoulders and can avoid excessive lifestyle creep.  [/quote]

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