- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
sndsolis69
,
You are not alone here! I see two issues:
- Reducing tax
- Paying tax
If you act by April 15th, you can generally contribute to an IRA retirement plan. The details of whether you qualify to make a tax deductible contribution are spelled out in IRS Publication 590A (https://www.irs.gov/pub/irs-pdf/p590a.pdf). This would reduce your income, thereby lowering your tax as well as putting away money for retirement. Outfits like Vanguard and Fidelity as well as many banks handle such accounts all the time.
With regards to paying tax over time rather than all at once, both the IRS and states allow you to set up a payment plan. It will incur interest, of course. Let me know if that is a necessity for you.
‎April 1, 2020
7:01 PM