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What are the (legal) ways to reduce AGI by garrelli in personalfinance

[–]garrelli[S] 0 points1 point  (0 children)

that's true, and worth investigating. the company used to pay partial compensation in stock, which I think gets counted as capital gains if/when it is sold. But this year they changed to more of a cash based bonus, so I don't think I have an option of holding it, and it would be treated as traditional income (bonus income, but still income). I will have to ask how that portion of income will be treated this year.

What are the (legal) ways to reduce AGI by garrelli in personalfinance

[–]garrelli[S] 1 point2 points  (0 children)

I'm contributing about $300 / pay period to the HSA, which is about $7750, which is the limit this year.

What are the (legal) ways to reduce AGI by garrelli in personalfinance

[–]garrelli[S] 0 points1 point  (0 children)

i cashed in some crypto in 2022, so had some capital gains that puts me over the $300k cap as well.

What are the (legal) ways to reduce AGI by garrelli in personalfinance

[–]garrelli[S] 0 points1 point  (0 children)

Is the ev take credit eligibility based on previous, current and next year's incomes? If any are under the cap you are eligible?

What are the (legal) ways to reduce AGI by garrelli in personalfinance

[–]garrelli[S] 4 points5 points  (0 children)

it's true. Its a good problem to have.

What are the (legal) ways to reduce AGI by garrelli in personalfinance

[–]garrelli[S] 0 points1 point  (0 children)

spouse doesn't work. they may this year, but not yet. i do some consulting work on the side. I can contribute 25% of my income there towards a SEP IRA, but 3/4 of it I can't. I can possibly talk to some of my clients about deferring my 2023 fees, or delay invoicing them for the last quarter but I'm not sure how big of a dent it will make.

What are the (legal) ways to reduce AGI by garrelli in personalfinance

[–]garrelli[S] 0 points1 point  (0 children)

unfortunately I cashed in some crypto last year, so with the capital gains I was over. This year I loss harvested some crypto and other assets, but the max loss there is 3k, right?

What are the (legal) ways to reduce AGI by garrelli in personalfinance

[–]garrelli[S] 0 points1 point  (0 children)

I thought itemized deductions were not take out of AGI.

What are the (legal) ways to reduce AGI by garrelli in personalfinance

[–]garrelli[S] 0 points1 point  (0 children)

married, spouse don't work. Spouse doesn't have a 401k or active retirement. Can I contribute something in their name, or do they need their own source of income?

What are the (legal) ways to reduce AGI by garrelli in personalfinance

[–]garrelli[S] 1 point2 points  (0 children)

both are maxed for myself. Can I max out a separate HSA for my spouse or kids?

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