Have a Tax Question? Ask a Tax Expert
As you already know and if you qualify - you may defect (not avoid!) some tax liability on contributions into qualified retirement accounts.Other options will depend on your specific circumstances
- whether some of your income may be deferred or spread over several years, and,
- whether any additional deductions are available.
I would be glad to provide more detailed analysis - but would need more details about your situation.
Let me know if you still need any help.
Please elaborate on your situation.
I agree that my reply is general in nature, but without having detailed information about your tax situation it would not be possible to provide specific recommendations...I may simply list some deductions and credits - see below - but each will require to verify qualifications. There is no magic.For details - we may review IRS publication 17https://www.irs.gov/pub/irs-pdf/p17.pdfLet me know if you are willing to discuss your situation over the phone - that might be easier to communicate.
Credits for IndividualsFamily & DependentsEarned Income Tax CreditChild and Dependent Care CreditAdoption CreditChild Tax CreditCredit for the Elderly or DisabledHealth CarePremium Tax Credit (Affordable Care Act)Health Coverage Tax CreditIncome and SavingsEarned Income Tax CreditSaver's CreditForeign Tax CreditExcess Social Security and RRTA Tax WithheldCredit for Tax on Undistributed Capital GainNonrefundable Credit for Prior Year Minimum TaxCredit to Holders of Tax Credit BondsEducationLifetime Learning CreditAmerican Opportunity Tax CreditHomeownersMortgage Interest CreditResidential Energy Efficient Property CreditNonbusiness Energy Property CreditLow-Income Housing Credit (for Owners)Electric Vehicle CreditPlug-in Electric Drive Motor Vehicle CreditPlug-in Conversion Credit (Section 30B(i))Alternative Fuel Vehicle Refueling Property Credit (Section 30C)New Qualified Fuel Cell Motor Credit (Section 30B(b))
Deductions for IndividualsWork-RelatedDeductible Business ExpensesStandard Mileage RatesHome OfficeBusiness Use of CarBusiness Travel ExpensesBad DebtBusiness Entertainment ExpenseDepreciation and AmortizationInvestmentsSale of HomeIndividual Retirement Arrangements (IRAs)Capital LossesEducationStudent Loan InterestTuition and Fees DeductionWork-Related Educational ExpensesTeacher's Educational ExpensesHealth CareMedical and Dental ExpensesHealth Savings Account (HSA)Itemized DeductionsStandard DeductionDeductible TaxesProperty TaxReal Estate TaxSales TaxCharitable ContributionsGambling LossMiscellaneous ExpensesInterest ExpenseHome Mortgage InterestUnion/Club ExpensesMoving ExpensesMiscellaneous DeductionsAlimony PaidCasualty, Disaster and Theft Losses