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odotax
June 26, 2024
Question

Preparing for Tax Liability on Pre-tax retirement disbursements

  • June 26, 2024
  • 1 reply
  • 0 views

I need to start tapping into my pretax retirement account. What are some ways to reduce or prepare for the tax liability?

1 reply

TeriH
TeriH
June 26, 2024

Great question!

TurboTax has put together a great article on how to lower your tax bill.  The suggestions run the gamut from reduce income, increase deductions and delay income.  Those are quite vague but there are many specific suggestions which may apply in your situation.  

Read through this indepth article to see what suggestions may work for you.  ie charitable giving, tax loss harvesting, energy saving tax credits and the list goes on.  There should be something in there that will work for your situation.

See step three in this article for how to setup a payment plan if needed.  

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