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Anyone have a recommended tax person in Chicago?
Paid off my account debt!
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Yes, you can use your 401k to reduce your income below the limit.
You have some options -
- 401k / FSA/HSA can lower your AGI
- you can do back door roth (be careful of pro-rata if you have Traditional IRA). This is likely best option if you have no Traditional.
- Waiting until January is not really a big deal in long run.
- you can withdraw if you aren’t eligible, the tax impact is small though obviously a hassle.
Run you taxes in January to find your AGI.
Pro-data rule is per person, even if you joint file, so he could back-door without pro-data, seems you would have to deal with pro-rata if over the limit.