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11-23-2008, 07:52 AM
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#1 |
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Registered User
Join Date: Nov 2008
Location: SE PA
Posts: 7
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Lump Sum Tax Strategies
I had to take a large lump sum as part of my recent layoff. I know I can pay Jan mortgage in Dec and I am planning to sell some losing stock to get the 3K deduction. Does anyone have any other ideas on how to reduce the tax bite?
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11-23-2008, 03:34 PM
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#2 |
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Registered User
Join Date: Oct 2001
Posts: 1,586
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Dad1956,
Would any of the lump sum qualify to be rolled into a TIRA? That would delay the tax bite for some time. Have you made a 2008 contribution to your and your spouse's IRA? Did you have an HSA/FSA at your employer? Could you make a late contribution to either one of these? Do you have a January property tax bill? Pay that in December. Make some or all of your 2009 charitable giving in 2008. With children in college, it may be wise to pay the 2009 spring semester tuition in 2008. Let us see what others may suggest. |
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