Holy Tax Bill Batman

[Anonymous]

I realize we could hire a financial advisor, but I'd like to pick your brains first. We dabbled in real estate. Got burned, but not too bad with the tax shelter (i.e. we paid for a second home vs. paying taxes). Can someone please explain trusts? We already not only max out but exceed everything we think about - 401(k), 529, HSA, charitable donations but we're ignorant in the finance & tax universe at our HHI. Obviously, nobody cares more about preserving your wealth than you. I have yet to find a CPA who really looks out for my pennies. CPA recommendations also welcome and encouraged. We're in the McLean/Vienna area. Who do you trust? Curious how many of you study tax law in your spare time to ensure no stone remains unturned.

[Anonymous]

How awful for you.

[Anonymous]

Get an LLM in tax. Georgetown has a good program. Boom. Done.

[Anonymous]

Shove it. You don't me or my financial situation. Trying to maximize cash flow to deal with elder care siblings can't possibly fund. I'm a horrible person.

[Anonymous]

I feel like OP wrote that post after doing a line of coke.

[Anonymous]

Anonymous wrote:I feel like OP wrote that post after doing a line of coke.

Lmao! Love it

[Anonymous]

What's your HHI?

[Anonymous]

Wish I had some coke. Kidding. Gross is 450k.

[Anonymous]

[Anonymous]

Cute. Seeking real advice... From those in a similar tax bracket or knowledgable about our bracket.

[Anonymous]

$450k? That's pretty normal for around here - your tax bill really can't be that bad. What are you actually paying in taxes as a % of income?

[Anonymous]

At $450k it gets tough.. You even get hit by the NIIT (net investment income tax) or at least we did, to the tune of another $20k in taxes.

Get a financial advisor. Ours helped us get things down a bit through tax loss harvesting, and also set up the back door Roth IRAs.

[Anonymous]

Anonymous wrote:At $450k it gets tough.. You even get hit by the NIIT (net investment income tax) or at least we did, to the tune of another $20k in taxes.

Get a financial advisor. Ours helped us get things down a bit through tax loss harvesting, and also set up the back door Roth IRAs.

Neither of those is particularly sophisticated or mysterious-- I wonder how much you paid for that advice.

[Anonymous]

Thanks for your advice PP. Yep, we got hit with NIIT. I know it's ridiculous to cry about our HHI, as we're doing just fine and our HHI is very normal in the area. It just sucks crossing into a new threshold on the lower end. Not in your favor.

Anyone setting up trusts at this HHI level? Please advise.

[Anonymous]

Anonymous wrote:

Anonymous wrote:At $450k it gets tough.. You even get hit by the NIIT (net investment income tax) or at least we did, to the tune of another $20k in taxes.

Get a financial advisor. Ours helped us get things down a bit through tax loss harvesting, and also set up the back door Roth IRAs.

Neither of those is particularly sophisticated or mysterious-- I wonder how much you paid for that advice.

Some of us don't understand this sphere. Enlighten us. No need to be cranky pants. OP here. I'm in IT and no, I won't fix your computer because it isn't particularly sophisticated or mysterious to me.