Payout

Forum|Forum|3 years ago
November 16, 2022
2 replies
1 view

Retired 01/2022 and received a large payout ($200k). This money is obviously treated as earned income. Is there anything I can do to ease the tax burden?

OpeA1

Level 6

Hello Mr Smitty!

In order to reduce your tax burden you can look to see if you qualify for any tax credits, or if you are able to itemize rather than take the standard deduction. Of course, this is general advice. You may benefit for talking your an account or a financial consultant who can run the numbers for you. Consider using our Mint service for more personalized solutions.

Best!

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VincentL

Level 5

Please review this article for some helpful tips:

https://turbotax.intuit.com/tax-tips/tax-planning-and-checklists/top-8-year-end-tax-tips/L5szeuFnE

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