Smart tax planning for high-income professionals
Dr. Sharma's $350,000 AGI, while indicative of her success, places her in a higher tax bracket and impacts eligibility for certain student loan forgiveness programs. She's diligently maxing out her 401(k) and utilizing a backdoor Roth IRA, but seeks further strategies to reduce her taxable income and potentially qualify for income-driven repayment plans.
By utilizing Golden Door Asset's AGI Calculator, Dr. Sharma modeled various scenarios, including increased retirement contributions through a SEP IRA linked to her small business. Estimating an additional $40,000 in SEP IRA contributions reduced her AGI to $310,000, improving her eligibility odds for a loan forgiveness program and decreasing her tax liability.
The AGI Calculator allowed Dr. Sharma and her advisor to quickly assess the impact of pre-tax deductions on her AGI. This was integrated with the Student Loan Forgiveness Calculator for a holistic view.
$12,000 estimated tax savings annually and potential access to $280,000 student loan forgiveness.
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