Using FreeTaxUSA. Do not own real estate currently. Work a W-2. I bought a bunch of stocks in early 2020 and held until late 2025. Capital gain of approx $70k. AGI is $230k.
Currently owe $12k+ in federal tax (no state income tax). Single, no dependents or anything.
Is it worth finding an EA/CPA to help or is there anything even (legal) they can do to help with the liability? I feel my situation is pretty straightforward but wanted to know if a professional can truly save me money. Thank you!
I owe $12,000+ in tax due to a large sale of stocks I purchased in 2020. Can a EA/CPA help reduce my liability?
byu/Marvel5123 intax
Posted by Marvel5123
5 Comments
No
No.
Contribute to an HSA and traditional ira. If kids, 529 on the state side
doesn’t sound like there’s much a CPA can really “fix” here tbh, it’s pretty straightforward
maybe worth a quick check for peace of mind, but don’t expect some big reduction or anything
No help now, but in the future you need to consider doing some tax planning through the year. There is almost nothing that you can do after the fact – you have locked in the transactions and realized the capital gains. The use of any of the online 1040 estimators would have shown you the issue before you made the transactions.