Good morning,
I’m looking at year end income/tax and getting uncomfortably close to the next IRMAA income bump (2026). I’m 74 and the RMD plus my retirement side job have pushed me higher each year. I’d like to lower my MAGI and have two thoughts:
1. Sell Total Bond from my brokerage account for a capital loss of approx. $3,000. I don’t have any capital gain sales so this would be the limit I can take for 2024. Assuming no significant bond rally, I would buy back the shares after the 61 day wash sale rule. My overall investment goal is income so I’m less concerned with capital gain/loss in the overall portfolio.
2. As I have earned income, contribute to my traditional IRA to the $8,000 limit. Not my preference as it will increase the RMD hit but it overall it would not be significant given the overall IRA balance.
Am I totally off base on this? Any other suggestions would be appreciated.
I’m looking at year end income/tax and getting uncomfortably close to the next IRMAA income bump (2026). I’m 74 and the RMD plus my retirement side job have pushed me higher each year. I’d like to lower my MAGI and have two thoughts:
1. Sell Total Bond from my brokerage account for a capital loss of approx. $3,000. I don’t have any capital gain sales so this would be the limit I can take for 2024. Assuming no significant bond rally, I would buy back the shares after the 61 day wash sale rule. My overall investment goal is income so I’m less concerned with capital gain/loss in the overall portfolio.
2. As I have earned income, contribute to my traditional IRA to the $8,000 limit. Not my preference as it will increase the RMD hit but it overall it would not be significant given the overall IRA balance.
Am I totally off base on this? Any other suggestions would be appreciated.
Statistics: Posted by Exeter — Mon Nov 25, 2024 5:51 am — Replies 1 — Views 200