Hello! I inherited an IRA (which needs to be "emptied" within 10 years) and I also have potential large capital gains (long-term) with a couple stocks I've held for years and have been very successful. My wife and I are both working and we have professional jobs. All great "problems" to have.
I am trying to build a successful tax strategy -- especially when it comes to selling my stocks with the capital gains and taking distributions from the IRA. I realize that my household income, as well as the capital gains and the distributions will be added to my AGI for taxation purposes. My wife and I have always maxed out our 401K's and HSA's to reduce our AGI.
Here's my question: Is there a "magic list" somewhere of all the taxes that either increase or are introduced as AGI is increased? I have the tax brackets, and I know about the 3.8% NIIT and 0.9% Obamacare/Medicare taxes that come into play with $250,000+ AGI for Married/Filing Jointly. I also know Capital Gains tax for long term will be 15% or 20%, depending on what side of the Married/Filing Jointly AGI of $553,850 I fall on.
What else is there? What other taxes are introduced or are increased as AGI goes up? I've searched so many places and I cannot find anything outside of the taxes I previously mentioned. I know there must be more. Right? I had a poor experience with a CPA, so before I look for a new tax advisor I wanted to ask this community -- you folks are always so great with great advice. Thanks so much!
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You have a good understanding of the issues. Advice from a certified financial planner might be helpful to you.
there are multiple variables. if you want to see a list of potential other taxes merely look at Schedule 2. While it's likely some will never apply, there's no way to know for sure because future actions can change things. Then there's schedule 3 for various credits. no one can predict the future or tax law changes. Unless renewed the provisions of the TCJA will expire at the end of 2025
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