Has anyone tried bunching charitable deductions? With the higher standard deduction ($29,200 for married filing jointly in 2024), we've started doing this where we donate 2-3 years worth of charitable contributions in a single year so we can itemize that year, then take the standard deduction in the off years. We're also looking into donor-advised funds where you can get the tax deduction immediately but distribute the actual charitable gifts over time. Anyone have experience with these strategies?

One strategy you might be overlooking is a backdoor Roth IRA conversion. Since your MAGI is over $146K and you can't deduct traditional IRA contributions, you could still contribute $7,000 to a non-deductible traditional IRA, then immediately convert it to a Roth IRA. This won't reduce your current tax liability, but it's tax-free growth for retirement. Also, since you mentioned having kids, make sure you're getting the full Child Tax Credit ($2,000 per child under 17). The credit phases out at higher incomes but doesn't start until $400K for married filing jointly. Another option: If your employer offers a cafeteria plan or flexible spending account beyond just healthcare, you might be able to redirect some compensation to pre-tax benefits like commuter benefits, life insurance premiums, or dependent care assistance. Finally, consider timing any major purchases or medical expenses. If you're close to the 7.5% AGI threshold for medical deductions, you might bunch medical expenses into one year to exceed the threshold.

Just wondering - have you looked into equity compensation restructuring? If a portion of that $1.1M is from stock options, RSUs or other equity comp, there are timing strategies that can make a huge difference. I saved nearly 6 figures last year by working with my employer to adjust my vesting schedule and exercise timing.

Given your income level, I'd strongly recommend looking into conservation easements if you own any land or are considering real estate investments. These can provide substantial tax deductions - sometimes 4-5x your investment - while preserving land for conservation purposes. Also, consider a defined benefit pension plan if you have any self-employment income or consulting work on the side. These allow much higher contributions than traditional 401ks - potentially $200k+ annually depending on your age and income. One strategy that's often overlooked is bunching deductions into alternate years. Since you're likely itemizing anyway, consider prepaying property taxes, state taxes (up to the SALT cap), and charitable donations in alternating years to maximize the benefit. Finally, if you're married, look into spousal IRA contributions and income-splitting strategies through family partnerships for any investment income. The key at your level is having multiple strategies working together rather than relying on any single approach.

This thread has been incredibly helpful! As someone who just moved to the US and is filing taxes for the first time, I was completely overwhelmed by all the formatting requirements. I ended up going with parentheses for all my negative numbers after reading through the official IRS publications mentioned here. What really helped was printing out a draft copy of my return and going through it line by line to make sure I was consistent throughout all the forms. One thing I learned that might help other newcomers - if you're used to different accounting standards from your home country, the US system can feel confusing at first. In my country we always use minus signs, so switching to parentheses felt weird initially. But after using them consistently, it actually makes the forms much easier to read. Thanks everyone for sharing your experiences and resources. It's reassuring to know that even small formatting questions have such a supportive community willing to help out!

This has been such a comprehensive discussion! As someone who works in tax preparation, I wanted to add a few practical points that might help future filers: If you're using tax software and still want to double-check your formatting, most programs have a "preview" or "form view" option that shows exactly how your return will look when printed or submitted. This is a great way to verify that negative numbers are formatted consistently before filing. Also, for those worried about rejection due to formatting - in my experience, the IRS automated processing systems are quite forgiving with minor formatting variations. Returns are much more likely to be flagged for mathematical errors, missing signatures, or incorrect SSNs than for using minus signs vs. parentheses. That said, following the standard conventions (parentheses for paper forms, letting software handle electronic filing) is always the safest approach. When in doubt, consistency within your own return is more important than perfect adherence to any single format standard. Great job everyone sharing resources and experiences - this kind of community support makes tax season so much less intimidating for newcomers!

What software does everyone recommend for high-income tax situations? I've been using TurboTax Premier but wondering if there's something better for managing more complex investments and deductions?

I'm a tax attorney and see these schemes regularly. What you're describing is almost certainly a syndicated conservation easement or similar abusive tax shelter. The IRS has these on their "Dirty Dozen" list and actively pursues participants with penalties that can exceed the claimed tax savings. The key red flags: 1) 4:1 or 5:1 deduction ratios, 2) vague explanations about the mechanics, 3) promises of 80% tax reduction, and 4) high-pressure sales tactics emphasizing secrecy or exclusivity. Real tax planning for high earners involves maximizing retirement contributions, strategic charitable giving, tax-loss harvesting, proper business entity selection, and timing strategies. These provide meaningful but realistic benefits - maybe 15-25% reduction in effective tax rate through legitimate means. I strongly recommend getting a second opinion from an independent CPA or tax attorney before proceeding. The IRS settlements I've seen from these schemes often result in participants paying more in penalties and interest than they originally "saved" in taxes.

I'm in a similar boat right now - filed 2/5 and just completed identity verification yesterday after getting the letter. The "up to 9 weeks" message is definitely intimidating, especially when you're already over a month into the process. Reading through everyone's experiences here is actually really helpful though. It sounds like most people see movement well before that 9-week mark, with 3-6 weeks being more typical after verification. I'm going to start following the Friday morning transcript checking routine that several people mentioned. For what it's worth, I also verified online rather than by phone, so hopefully that helps speed things along. The confirmation page I got was identical to yours - same language about 9 weeks and checking after 2-3 weeks. I really hope you see some movement soon, especially with the medical bills situation. That kind of financial pressure makes the waiting so much more stressful. Keeping my fingers crossed that we both get good news in the coming weeks!

I went through identity verification about 6 months ago and can totally relate to that anxiety, especially when you need the money for family medical expenses. In my case, it took exactly 4 weeks from verification to getting my refund deposited. Here's what I learned from the experience: - The transcript updates are your best friend - WMR is pretty unreliable during this process - Friday morning checks around 6 AM EST are when you'll see changes - Look for code 570 (additional account action pending) first, then 571 (additional account action completed), and finally 846 (refund issued) - The 9-week timeline is definitely their worst-case scenario - I haven't seen anyone in the forums actually hit that full timeline One thing that really helped me was understanding that after identity verification, they sometimes do an additional review of your return, which can add time but isn't necessarily a bad thing. Since you verified online (which is faster than phone/mail), you should hopefully see movement in the next 2-3 weeks. For the medical bills situation, definitely look into payment plans or financial assistance programs with the providers while you wait. Many are surprisingly flexible, especially for family caregiving situations. Hang in there - based on the timeline of when you filed and verified, you should hopefully see some transcript movement soon!