Thread: Lump Sum Advice
View Single Post
Old 09-03-2015, 04:02 AM
  #13  
Sprockets
Senior MemberCaptains Club Member
 
Join Date: Aug 2006
Location: Central Florida
Posts: 8,245
Default

Are you charitably inclined? If you are, you might consider funding a donor advised fund this year. If your tax bracket will be lower in the future, this would allow you to bunch future deductions in the current year.

I also assume you have already maxed out your retirement plan contributions.

Do you have a side business that generates income? If so, be sure you have a SEP or other plan there to maximize the deduction and deferral.

With the higher income, your itemized deductions will be more limited than in the past. You need to run the numbers to determine whether this advice fits your situation.
Sprockets is offline