Hey MM Forum,
I'm an employee (executive) at a mid-sized company and our owner has offered to buy out some of my phantom equity by the end of the calendar year. It's a good deal for me, as I get to take some money off the table while keeping a significant amount of the phantom equity I own in the company. The check, which I expect I'd receive in a few weeks (late Dec 2017) would be in the low 7 figures.
My question is: Is there anything I can do to reduce the taxes I'll pay on that money?
I'm an employee (W-2, not K-1); so I expect the money will be taxed as traditional W-2 income.
I don't currently own a house, I make too much for my wife or I to use a Roth IRA (not that a Roth IRA contribution would move the needle).
We live in Virginia.
Is there anything I could do to reduce my tax exposure here?
Thanks!