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A senior cardiologist or a senior partner at a law firm is not remotely a typical professional at the height of their career. Even a typical physician or a typi
by TheCoelacanth 9y ago
A senior cardiologist or a senior partner at a law firm is not remotely a typical professional at the height of their career. Even a typical physician or a typical lawyer is highly unlikely to ever reach that level. Cardiology is a high paying specialty that most physicians will not be in. Most lawyers will never even make it into big law much less make senior partner after making it into big law.
- AnthonyMouse 9y agoI chose cardiologists and senior partners because they make significantly more than the threshold without being some kind of Machiavellian supervillains that everyone hates. Regular doctors and lawyers still make about that amount of money at the senior level. Senior Associate Attorney: $239,270 https://www.glassdoor.com/Salaries/senior-associate-attorney-salary-SRCH_KO0,25.htm https://www.glassdoor.com/Salaries/senior-associate-attorney... Senior Physician: $225,076 https://www.glassdoor.com/Salaries/senior-physician-salary-SRCH_KO0,16.htm https://www.glassdoor.com/Salaries/senior-physician-salary-S... This is also not at all out of line with what trade professionals like electricians are making when they start out on their own but by the time they retire have half a dozen people working for them.
- sokoloff 9y agoYou could also have a year where you sell a house in excess of the gain exclusion, sell a rental property, cash in some stock options, convert an IRA into a Roth, sell a bunch of appreciated stock, sell a small business, or sell some other capital asset. Those "one time" activities will all temporarily boost your AGI, meaning people come into and out of the "top 5%" brackets pretty regularly. It won't get you into the top 0.001%, but could easily boost what you think of as a "normal" two-income couple into the top 5% or 1% at some point in their life.