Recently switched jobs and won’t be eligible to contribute to 401K until Jan 2025. That means no opportunity for contributions in 2024.

What are some of my options this year to reduce the tax bill?

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You cannot contribute into the 401k plan for the first year of employment?

Ouch. I can see not being fully vested for a year, but not eligible is a bit harsh.

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Have a kid but clock is ticking on that. Traditional IRA and HSA if you can, tax loss harvesting, if you have losses. Do you itemize or standard deduction? If SD nothing to do.

What I meant is 529s, especially if your state gives tax deductions for contributions. Otherwise still worth it for tax shielding for growth in the future, but not for current tax lowering (OP’s original question)

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Rental property.

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Hi Fishies,

I am a certified financial advisor and can guide you with investment in mutual funds. I can also help to buy a good term life insurance which is very much necessary in today's world. You can message me for more details.

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Hi,

Where to invest to reduce the taxable income of 8 lakhs after investing 1.5 lakhs under 80c and HRA 1 lakhs ? Medical insurance 50 k I’m aware of it and I don not plan on any house loan. Please suggest.

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Hi Sharks,

Need suggestions on how to make zero tax with all possible deductions for the salary mentioned below.

CTC - 20lpa (18fixed + 2variable)

1. Standard PF deduction by company for 10k
2. Home loan co-applicant along with father for 10k (property is with father's name)

Currently staying at home. Will be moving to work location from Jan.

No other deductions or investments.

Highly Appreciate for the suggestions on what to invest and how.

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In hand salary for fixed 11lpa?

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Poke holes in my account allocation/suggest what you would do differently.

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House Equity (primary): $100k
HSA from old employer: $4k
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ibonds: $12k

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