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January 31, 2022
Question

Adjusted Gross income, Capital Gains and IRA contributions

  • January 31, 2022
  • 1 reply
  • 0 views

I have 3 questions please

 

1)  My wife and I had W2 income of $169K for 2021 and $126K in Capital Gains ( this is unusual for us, as we lost my job and had to sell )

2)  Is there anything I can do to lessen my AGI or tax liability.  When the Capital Gains get added on, it pushes us to higher tax bracket.

3)  Are there any options for me to contribute to a traditional IRA with these income levels and reduce my taxes for 2021

 

Thanks

    1 reply

    Employee
    January 31, 2022

    No IRÁ deduction is available for incomes greater than $208,000 for 2021