Hi WCI community,
Long-time lurker, first time poster.
I live in a very high COLA but have been able to keep costs down through a unique housing situation. Essentially, I live in a building where my monthly carrying costs are tied to my federal AGI on my yearly tax return. Due to staffing 'consolidation' at work this year, I have had to work more days than in the past and because of this my expected AGI looks like it is going to be 10K above last year. While normally it is great to earn more income, this increase will double my building carrying costs and the yearly bill change will be way more than the 10K. So I'm looking for advice on how I can legally lower my AGI before the end of December. My spouse just changed jobs (no income change) so I am eligible to change my benefits before the end of the year. We are both w-2 employees. State is NY. Moving is not an option due to kids in school, family etc. I would be willing to lower my AGI even if it means I don't get the money back so I'm wide open to suggestions.
So far this year I have done/maximized the following for myself and spouse:
401k and 403b
backdoor roth
hsa
flexible spending
529
employee parking (pre-tax deduction)
Any other ideas? From what I can tell a charitable deduction doesn't itself the lower AGI calculation.
Thanks so much.
Long-time lurker, first time poster.
I live in a very high COLA but have been able to keep costs down through a unique housing situation. Essentially, I live in a building where my monthly carrying costs are tied to my federal AGI on my yearly tax return. Due to staffing 'consolidation' at work this year, I have had to work more days than in the past and because of this my expected AGI looks like it is going to be 10K above last year. While normally it is great to earn more income, this increase will double my building carrying costs and the yearly bill change will be way more than the 10K. So I'm looking for advice on how I can legally lower my AGI before the end of December. My spouse just changed jobs (no income change) so I am eligible to change my benefits before the end of the year. We are both w-2 employees. State is NY. Moving is not an option due to kids in school, family etc. I would be willing to lower my AGI even if it means I don't get the money back so I'm wide open to suggestions.
So far this year I have done/maximized the following for myself and spouse:
401k and 403b
backdoor roth
hsa
flexible spending
529
employee parking (pre-tax deduction)
Any other ideas? From what I can tell a charitable deduction doesn't itself the lower AGI calculation.
Thanks so much.
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