{ "media_type": "text", "post_content": "Hi all, income limit prevents me from contributing to Roth IRA for the current FY. I’m maxing out 401k. The employer doesn’t offer HSA. What else should I be doing to reduce taxes?", "post_id": "61242e6f6bcd6000258267a9", "reply_count": 7, "vote_count": 2, "bowl_id": "59064a3cb12379001006592c", "bowl_name": "Personal Investment Chatter" }

Hi all, income limit prevents me from contributing to Roth IRA for the current FY. I’m maxing out 401k. The employer doesn’t offer HSA. What else should I be doing to reduce taxes?

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Backdoor Roth if over income limit. Mega backdoor Roth if that’s an option (after tax 401k). FSA maybe if you know you’ll have medical expenses.

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HSA is almost always tied to a high deductible plan. That makes sense when younger and you have limited medical expenses but someone like my dad who is approaching retirement has a lot more medical expenses so a HDHP isn’t worth doing despite the HSA. He wants a low deductible plan for frequent visits

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Are you at EY? We do have an HSA

Maybe his specific plan doesn’t?

Sell your losses if you have any in a high income year

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