I'm a single unemployed guy who hasn't had a job or health insurance all year. A few days ago I made some trades that couldn't wait until the new tax year. I'm now looking at $184k of 'Line 21 Other Income', $45k long term gains (before $6k long term losses, already cut the losers loose), and finally $851k short term gains.
I'm waiting for the sun to come up so that I can start pounding on some tax advisor's doors. I'm compiling a list of potential things to be done to reduce the tax burden in what remains of this calendar year, I expect that the pros wouldn't need me directing them - but I'd feel a little better walking into it with some idea of what is possible at this point.
I've got some pre-tax advantaged things that will make a small difference in mind already: IRA, HSP (I'm not confident that I can pull that one off this late in the game). I've got a couple of nieces who I'd more rather direct the money towards than the government, but I'm not entirely sure about the pre-tax viability of college funds. I'd love to dump it all into one tax advantaged investment so that I can stop watching the clock, but I get the feeling that I'm going to have to employ a bunch of financial tricks because of the relatively low maximum yearly contributions.
I'd really love to hear what you guys have to say about this, even if it is effectively "stop complaining about a windfall". Thanks.
Submitted December 27, 2017 at 07:50AM by mulbous http://ift.tt/2pJIDJY
