Joined Nov 2017
L2: Beginner
Forum Thread
Sold Company Restricted Stock Plan, can I contribute to IRA now (in Mar) to reduce tax?
March 15, 2023 at
06:12 PM
Thread Details
My tax status is married filing jointly, single income.
I got these Restricted Stock Plan (that's what shows on my account) in 3 installments between 2017-19. The shares vested partly each year for 3 years until I exited the company in 2020. Last Nov 2022 I sold all of them for a good profit.
When they awarded the stock plan each year I opted to pay tax using some of the shares instead of paying from my pocket. I was in the intention that if I pay tax at the time I got them then I don't have to pay tax when I sell. But now when I entered the information in TurboTax it added up to my total income for the year, which made it ineligible for education tax break using 1098-T for my son's college expenses. I usually get tax refund but this time it seems that I owe a big money.
I'm wondering if there is any way now (Mar 2023) to reduce the total income value, to be eligible to get education tax break as well as to reduce the overall tax I owe. Can I contribute more to IRA and/or HSA now, currently I'm on 401k and contributing some to HSA as well. If so, will that reduce the total income?
I got these Restricted Stock Plan (that's what shows on my account) in 3 installments between 2017-19. The shares vested partly each year for 3 years until I exited the company in 2020. Last Nov 2022 I sold all of them for a good profit.
When they awarded the stock plan each year I opted to pay tax using some of the shares instead of paying from my pocket. I was in the intention that if I pay tax at the time I got them then I don't have to pay tax when I sell. But now when I entered the information in TurboTax it added up to my total income for the year, which made it ineligible for education tax break using 1098-T for my son's college expenses. I usually get tax refund but this time it seems that I owe a big money.
I'm wondering if there is any way now (Mar 2023) to reduce the total income value, to be eligible to get education tax break as well as to reduce the overall tax I owe. Can I contribute more to IRA and/or HSA now, currently I'm on 401k and contributing some to HSA as well. If so, will that reduce the total income?
About the OP
0 Comments
Your comment cannot be blank.