Комментарии:
This didn’t age well
ОтветитьAt this point my only income is coming from stock investments which are taxed. Can I deposit those gains into a back door ROTH? Or...Do I need to create a company say "ABC investments" and pay myself so the gains can be from earned income?
ОтветитьRemember, Dave…structure correctly you can actually grow the Roth money tax-free & uninterrupted for 10 years BEYOND the passing of the SECOND spouse. Either required or suggested to the non-spousal beneficiaries.
ОтветитьWhat is the "pay to conversion" part? It cost money to do the actual conversion from traditional IRA to Roth IRA?
ОтветитьLook up Mega-Back-Door ROTH. Business owners can contribute about $59,000 annually, post-tax.
A defined Benefit Pension Plan can allow a business owner to contribute up to $300,000 annually, pre-tax.
I believe with no doubt, A good way of growing and saving your money is through investing. You don't need to have much before you can invest. "That little money you have now can make you millions if you invest it wisely".
I wasn't financially free until my 40's and I'm still in my 40's, bought my second house already, earn on a monthly through passive income and got 4 out of 5 goals, just hope it encourages someone that it doesn't matter if you don't have any of them right now, you can start TODAY regardless of your age INVEST and change your future! Investing is a grand choice I made.
If you work for a company that offer 401k and you max your yearly contribution and have another job that offer 457b and also max out yearly contribution and you make more than the limit that is set by the IRS . Can you still open a traditional IRA and do back door Roth ?
ОтветитьWhy do you have to be a high income earner to do this? Why cant you just be making 90k/year and feel like you want to put more than 6500 into Roth IRA?
ОтветитьIt’s crazy how these people call into the show for questions that can be easily Google’d.
ОтветитьETFs in taxable
Ответить$8000? Wouldn't it be $12000 for him and his wife? $13000 in 2023.
Ответитьwith D ramsey i feel there is always something not explained fully and also "difficult" to understand for ppl that have a hard time understanding financial language.
ОтветитьHow do you do that? Is there any video showing how to go about doing this?
ОтветитьThe bill did fail but it's important to note that it's technically still on the table. Uncle Sam doesn't have this as a priority but it will be addressed definitely by 2023.
ОтветитьThank you for the explanation. Love Dave!
ОтветитьRemember day traders. 👀 back door Roth IRA is the way to go
ОтветитьSo let's call it Baby step 8?
ОтветитьDave loves going in the back door
ОтветитьWhen I have read about a back door Roth it has been from people that contribute after tax money to a 401k, and then convert the entire account balance to a Roth. The employer match goes into a separate pretax account. Any additional tax due on the conversion would be only for any growth in the after tax account they converted.
ОтветитьMr Dave - You are converting company match to Roth because 1. you might not plan to retire or 2. you have good wealth built you want hassle to investment for kids or 3. avoid RMD hassles. But for many middle class Americans thats not a wise advise to share. Once they retire they could withdraw at lower tax rates because one will have not much income and they will be in lower tax brackets, it is wiser to convert then.
ОтветитьThe non-technical language being used is so...frustrating.
It's not "rolling it to a Roth". It's performing a conversion to a Roth IRA. It's no an after-tax Traditional IRA. It's making a non-deductible contribution to a Traditional IRA.
I hope it will extend till 2025 or 2030. I’m on building up my emergency fund at the moment.
ОтветитьPUT IT IN DIVIDEND STOCKS...
ОтветитьTrying to get as much money in a Roth as you possibly can is often a good idea.
ОтветитьNot sure why my comment was deleted....wtc? mod?? I'm just trying to HELP your viewers...sincerely
ОтветитьIt is not a loophole. It is explicitly allowed as of the 2017 Tax Cuts and Jobs Act.
ОтветитьDid mine last week. I’m far from rich not even close to a millionaire. BS if they end it.
ОтветитьDave REALLY needs to learn about how much better ETFs are taxed. You don’t pay cap gains until you sell it, unlike mutual funds where you pay for their turnover every year. Its far more efficient for all taxable investors. Dividends obviously taxed the same on both.
ОтветитьI don't know that the backdoor conversion is a loophole. That implies it happened accidental the government wants money now instead of waiting for your retirement.
Ответитьrich people paying for the services they use = being punished 😂
ОтветитьOriginally they did the backdoor roth as a way to get tax revenue. It is possible that the backdoor Roth could go away but the question comes up does the government want revenue now or wait until you start taking the money out. Do they hate millionaires more than they want their cut now? In any case if it was in a small bill that doesn't include pay offs to Democrat donors it might have a chance of passing. If Joe Mansion wants to get re elected he won't pass those types of bills
ОтветитьThe $200,000 income (AGI) limit Dave mentions is only for married people. For us single folk, our max AGI is $144,000 before we lose the ability to directly contribute to a Roth IRA.
ОтветитьI wish Dave would skip all those snarky political statements.
ОтветитьIs the 200k limit gross or AGI?
ОтветитьThe one thing is to be careful about with backdoor Roth is doing conversations when there are other existing rollover IRAs. If you have these and do a non-deductible IRA contribution, it will convert part of the rollover IRA which gets taxed. You cannot specify which IRA contributions get converted, it just takes it pro rata out of whole between rollover and non-deductible IRA.
ОтветитьRoth IRA limit is 130k not 200k
ОтветитьGreat conversation
ОтветитьI have heard Dave talking about the S&P 500 index fund several times here lately. Normally all he talks about are actively managed mutual funds.
ОтветитьBack door Roth may be gone next year, no one knows. So anyone who has the right situation to be able to do it, should do it!
Ответить