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[quote=Anonymous][quote=Anonymous]^ Do you guys have no deductions at all, like a mortgage, daycare costs, after school daycare costs? If you work, the summer camps can also be deducted.[/quote] No deductions at all. Two professionals making 120k each. Standard deduction and the exemptions are the only thing we can deduct. Tax is about 40k. I have a 401k at work, so 17,500 are sheltered. We each contribute to our IRAs but no immediate tax benefit for that. We think of it in a positive way- there used to be years when we lived on less than 40k of income ( grad school). And we were happy. We cannot even deduct some substantial medical expenses because our AGI is so high. There is some nonsense with the current tax code for sure- we are considered rich when it comes to paying taxes but we are not rich enough to buy a house in this area.[/quote]
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