|Does it count as millionaires if it's our joint NW? Or do we need 2MM to each be a millionaire? Either way, an exciting milestone for us! |
I filed our taxes mid-February which I NEVER do. Last year I waited until the July deadline. But our income went down significantly in 2020, so if future covid stimulus payments are based on lower income/AGI, then might as well have that lower number on record now instead of getting it next year at tax time. I also expected a refund for 2020, whereas usually we end up owing.
Reasons for lower 2020 income:
Generous severance package when leaving old job in spring 2019, sold stock (capital gains) to pay cash for house in summer 2019, contributed to HSA for first time in 2020.
2021 should be even lower, as I'm again maxing out HSA, now contributing a small amount to a limited purpose FSA, and changed my retirement contributions from Roth 401(k) to traditional. Baby due in July also means 2 kiddos on this year's taxes, and I've seen speculations about increasing child tax credits (and both will be well under 6).