The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: Oh, shoot! We're too successful.||Date: 2/25/2014 11:22 PM|
|Author: SD51555||Number: 120243 of 124815|
I agree. Double check with your tax pro, but I believe you can make a non-deductible contribution to a traditional IRA and then convert it to a Roth IRA.
"Ask Kim" from Kiplinger had an article on it a while back. I'd check it out.
As far as your gains go, Don't let taxes keep you from making a wise investment decision. If you have a gain and are ready to move on, take it on the chin and go. Liquidate the stock, set aside whatever rate you need to pay the tax on the gain and keep going.
You have to pop that tax bubble or it will only keep growing and be even harder to deal with down the road.
Have you maxed out an HSA contribution each year?
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