Semi-retired at 55, am now 60. In the last year or so I managed to “invest” in a stock that allowed my net worth to more than triple. Without being too exact, I was “up” about 4M but the pullback brought that down to about 3M pretty quickly before I sold. None of this is a problem or complaint. I am blessed.
My question if someone can advise, is how to do something to protect from a 37% tax bill on the short term gain of the money in that pot that is NOT from my 401k rollover to brokerage account which isn’t taxable.
The short term gains in my regular taxable brokerage account are right at 2M, meaning a tax bill next year of approx 740K. I never expected to be in the position I am in and am very fortunate. Still, I’d like to keep more of what I gained by putting a lifetime of savings “at risk”. I have no desire to give to Uncle Sam that which I can put to better use than waste, fraud, and abuse by the fed govt. Thanks for any suggestions.
My question if someone can advise, is how to do something to protect from a 37% tax bill on the short term gain of the money in that pot that is NOT from my 401k rollover to brokerage account which isn’t taxable.
The short term gains in my regular taxable brokerage account are right at 2M, meaning a tax bill next year of approx 740K. I never expected to be in the position I am in and am very fortunate. Still, I’d like to keep more of what I gained by putting a lifetime of savings “at risk”. I have no desire to give to Uncle Sam that which I can put to better use than waste, fraud, and abuse by the fed govt. Thanks for any suggestions.