Many families have experienced a loss of income in 2020. Here are a few ideas to consider if you are facing an income shortfall this year:
· Consider cashing in on stock gains. You might be eligible for lower capital gains rates.
· Exercise stock options.
· Consider a COVID-related IRA distribution.
· Rebalance your retirement sources and convert a traditional IRA to Roth.
These opportunities are easily overlooked, and it can be complicated to figure out on your own. Please contact us if you have questions or would like a tax review to determine the strategies that best fits your needs.
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