Neil Ross
New Member

large bonus from company sale

My company is being acquired. I am getting a bonus of about 3/4 of my salary. I know the tax rate will be very high for the money in 2022 taxes. I am 60 years and my wife is 50 years old.

What money moves can i do to help offset my 2021 taxes with the cash? Both my wife and I have a 401K and not other investment products.

 

Anything i can do that will help reduce my adjusted gross income for my 2021 taxes?

Can i make a makeup payment to my wife's and my 401K and apply those funds to my 2021 taxes?

Anything else?

 

Thank you