David Wattenbarger

CFP®
Personal Finance, Retirement, Investing
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“With over 18 years of experience in the financial industry, David Wattenbarger provides fee only investment management and holistic financial planning to a select clientele.”
Firm:

DRW Financial

Job Title:

President

Biography:

David Wattenbarger is the President at Drw Financial in Chattanooga, TN and has over 18 years of experience in the finance industry. He started DRW Financial as a fee-only financial advising and planning firm after working for twelve years “behind the scenes” in financial services, where he learned a great deal about how best to serve the needs of his clients.

David has found it valuable to continue learning, and earned his CFP® designation, as well as the Chartered Advisor in Philanthropy® designation, which aligns well with his desire to help clients align their financial lives with their own unique values. David's prior professional experience includes serving as a general principal, options principal, and municipal bond principal for an independent broker dealer, as well as extensive work with other financial professionals on a consultative basis.

David's personal values revolve around carving out quality time with his family and making the work he does worthwhile and valuable to his clients.

Education:

BA, College Scholars, University of Tennessee, Knoxville

Assets Under Management:

$10 million

Fee Structure:

Fee-Only

CRD Number:

4183339

Disclaimer:

INFORMATION PRESENTED IS FOR EDUCATIONAL PURPOSES ONLY AND DOES NOT INTEND TO MAKE AN OFFER OR SOLICITATION FOR THE SALE OR PURCHASE OF ANY SPECIFIC SECURITIES PRODUCT, SERVICE, OR INVESTMENT STRATEGY. INVESTMENTS INVOLVE RISK AND UNLESS OTHERWISE STATED, ARE NOT GUARANTEED. BE SURE TO FIRST CONSULT WITH A QUALIFIED FINANCIAL ADVISER, TAX PROFESSIONAL, OR ATTORNEY BEFORE IMPLEMENTING ANY STRATEGY OR RECOMMENDATION DISCUSSED HEREIN

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    Career / Compensation, 401(k), Taxes
Will increasing my 401(k) contributions impact the percent at which my large, lump-sum bonus is taxed?
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The United States income tax generally operates at marginal brackets, with your income taxed at different rates as each bracket "fills up".  Only the income in the last bracket is taxed at that highest marginal tax rate.

Contributing to a tax deferred retirement savings account, like a traditional 401(k), excludes the amount of the contributions from the calculation for total income in that year for tax purposes.  So in the case of your question, increasing your 401(k) contribution, holding all else equal, would lower your taxable income for the year.  Your bonus may be large enough to push some of your income into a higher marginal bracket, but whatever you are able to put into tax deferred accounts will lower the total amount of income subject to income tax in that year.

As always, each person's situation may differ from the typical or general, so it is advisable to seek out a professional tax opinion on your specific case.

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