frogprin01
Dryer sheet wannabe
HI all
I really enjoy this forum and the wealth of information. I have a question about tax strategies specifically about reducing taxes on capital gains.
Both my wife and I are retired. We both have pensions and she is taking SS. Our pensions and her SS cover all of our basic expenses. To cover extras like traveling and paying taxes I have been gradually streaming from the considerable sum I have in stock grants. My wife is 68 turns 69 this September and I turn 68 in June. I had planned to take SS at 70. We have not had to withdrawal from our IRAs and won’t until RMDs are required at 73. Because my stock grants have done very well the streaming done (usally quarterly) results in significant capital gains taxes.
Our tax accountant said I should. consider taking SS earlier (let’s say when I am 68.5 January 1st). That way I would need to stream less and reduce capital gains.
What does the community think about this strategy? Let me know if you need more details or if there has been previous post that cover this same topic.
Thanks in advance
Steve
I really enjoy this forum and the wealth of information. I have a question about tax strategies specifically about reducing taxes on capital gains.
Both my wife and I are retired. We both have pensions and she is taking SS. Our pensions and her SS cover all of our basic expenses. To cover extras like traveling and paying taxes I have been gradually streaming from the considerable sum I have in stock grants. My wife is 68 turns 69 this September and I turn 68 in June. I had planned to take SS at 70. We have not had to withdrawal from our IRAs and won’t until RMDs are required at 73. Because my stock grants have done very well the streaming done (usally quarterly) results in significant capital gains taxes.
Our tax accountant said I should. consider taking SS earlier (let’s say when I am 68.5 January 1st). That way I would need to stream less and reduce capital gains.
What does the community think about this strategy? Let me know if you need more details or if there has been previous post that cover this same topic.
Thanks in advance
Steve