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MequonCPA
MequonCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2323
Experience:  CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.
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Hello TaxWhisperer! Ive got another question for you...I

Customer Question

Hello TaxWhisperer! I've got another question for you...
I have 90 days to exercise some stock options and the opportunity to take a distribution from an inherited 403(b) account with tiaa-cref to help pay for the options and the accompanying tax liability. Would like some advice re: waiting until after Jan. 1 to do this or not. My goal, of course, is to minimize taxes. Thx!
Submitted: 1 year ago.
Category: Tax
Expert:  Rachel-Mod replied 1 year ago.

Hi, I am a moderator for this topic. I sent your requested Professional, TaxWhisperer a message to follow up with you here, when they are back online. If I can help further, please let me know. Thank you for your continued patience.

Expert:  Rachel-Mod replied 1 year ago.

Hi, I’m a moderator for this topic and I wonder whether you’re still waiting for an answer. If you are, please let me know and I will do my best to find another Professional to assist you right away. If not, feel free to let me know and I will cancel this question for you. Thank you!

Customer: replied 1 year ago.
Yes, still waiting for an answer.
Expert:  Rachel-Mod replied 1 year ago.

Thank you for your patience. We will continue the search for a Professional for you.


Rachel

Expert:  TaxWhisperer replied 1 year ago.
Hello, sorry I have been off line (and out of power) for the last week.

Can we schedule a time to have a "chat" on this. I think this should be a real time discussion.
Customer: replied 1 year ago.
Sure! That would be great.. I'm avl today at 5pm ET (in about 20 mins) or anytime tomorrow (Sunday) morning. Do either of those work? If tomorrow morning, you can pick the time. Just remember we set clocks back tonight.
Customer: replied 1 year ago.
Hello again. Will you have any time today?
Customer: replied 1 year ago.

Hello again...are you available today? Should I try a different expert?

Customer: replied 1 year ago.
Relist: Other.
I haven't been provided an actual answer yet. I believe TaxWhisperer hasn't been available.
Expert:  Rachel-Mod replied 1 year ago.

Hi, I’m a moderator for this topic and I wonder whether you’re still waiting for an answer from Tax Whisperer. It seems he has not been back on since he replied to you on 11/03. If you would like to continue to wait for him that is fine or I can try and find another Professional to assist you. If not, feel free to let me know and I will cancel this question for you. Thank you!

Customer: replied 1 year ago.

I would be fine with another qualified expert helping me out. Thx.

Expert:  Rachel-Mod replied 1 year ago.
Ok I will search for another Qualified expert for you. Thank you for your continued patience once again.

Rachel
Expert:  MequonCPA replied 1 year ago.
Hi and welcome to JustAnswer:

It is difficult to determine cost/benefit. It is also difficult to look into my crystal ball to determine what will happen in tomorrow's election as well as what effect that event will have/no have on tax laws for 2013.

Your scenario has some complexities. Both the exercise of the options and the withdrawal of the 403(b) funds are ordinary income items. Thus the exercise and withdrawal will both increase your income taxable at ordinary income tax rates. Whether you will change tax brackets (and/or how many) will depend on the sizes of each item and your other income and deductions in each year.

One option is that you could exercise in late December and take the withdrawal in early January to possibly mitigate bracket creep.

You need to run projections using various options to maximize benefits /minimize tax. It may be worthwhile to contact a tax professional where all specifics can be utilized before making a decision.
MequonCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2323
Experience: CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.
MequonCPA and 3 other Tax Specialists are ready to help you

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