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Feb 16, 2024
02/24
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how about a roth 401(k), this one works just like a roth ira.axes on that money again. except because it is a 401(k), and, it is a much higher contribution limit and an i.r.a., there is one other big difference. a roth 401(k), doesn't have any kinds of means testing, no matter how much money you earn, you can take advantage of a roth 401(k), as long as your employer decides to give you the option. of course all of the decisions depend on what the future will look like if you believe taxes are heading up and much higher, over the course of your lifetime, then a roth 401(k), where you pay your taxes now and pay nothing in the future is the way to go. either if you're making a lot of money in the present, and at the end of the day though, this is both beyond our control and beyond our ability to predict the bottom line, the lower your present income and the lower your tax rate, a roth 401(k) or a roth ira let you pay those low rates now, and never worry about taxes again for your retirement money. and the less money you make the more likely that a
how about a roth 401(k), this one works just like a roth ira.axes on that money again. except because it is a 401(k), and, it is a much higher contribution limit and an i.r.a., there is one other big difference. a roth 401(k), doesn't have any kinds of means testing, no matter how much money you earn, you can take advantage of a roth 401(k), as long as your employer decides to give you the option. of course all of the decisions depend on what the future will look like if you believe taxes are...
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Feb 20, 2024
02/24
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if you open a roth ira for a teen that has earned income on their own, you match that money.elayed gratification and money that is suppose to be for the future. but the great thing, of course, about the roth ira, you have access to the money that you contribute more immediately. so i think that might be a way to combine the long-term saving and the investing at the same time. but understanding also that if you need to be saving money just because because you never know when you need it for the rainy day, that idea of having the emergency fund, i think, is when they need to understand as well, so that everything is not tied up in something that should be a long-term investment. money that you're not going to need for five, ten years. >> and you mentioned something interesting there and as i understood that money that you would put into that roth ira should come from earned income. is that right? >> absolutely. and the investment that a child is making and that teen is making. it's a great idea. that will get them up in the habit of doing something that may be available to them
if you open a roth ira for a teen that has earned income on their own, you match that money.elayed gratification and money that is suppose to be for the future. but the great thing, of course, about the roth ira, you have access to the money that you contribute more immediately. so i think that might be a way to combine the long-term saving and the investing at the same time. but understanding also that if you need to be saving money just because because you never know when you need it for the...
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mark: great stuff you mentioned income limitations on ira i want your take on backdoor roth contributions to contribute to roth or make nondeductible you make a none deductible to tradition ia immediately convert to a roth, what is your take on that strategy? >> well, i think a great strategy, because, the thing about roths, when you put the money into a roth ira you are are paying the tax that is not great but what is great, is when you are pulling that money out including its growth, you're getting funds tax-free, so an excellent tool for people to use and not enough people are thinking about doing that. >> really, really important comments from you dan, is there anything about tax changes tax law that we should be aware of this year that is different from last year? >> well, the main thing that we're getting a bit of a tax break on maria, to you a to inflation, is that the tax brackets the moved not tax rates but brackets moved up about 5%, so in effect, everybody is getting a tax cut but of course the other side maria we are paying more for goods and services, net-net probably negativ
mark: great stuff you mentioned income limitations on ira i want your take on backdoor roth contributions to contribute to roth or make nondeductible you make a none deductible to tradition ia immediately convert to a roth, what is your take on that strategy? >> well, i think a great strategy, because, the thing about roths, when you put the money into a roth ira you are are paying the tax that is not great but what is great, is when you are pulling that money out including its growth,...
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Feb 6, 2024
02/24
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ira and ways to invest in retirement. >> not going to happen. imagine. it's a shame, but i get with the higher costs. do the folks you surveyed, the 1,000 18 to 34-year-olds, i'm sure they would like to own a home. do they see it as a reality? >> we asked whether folks are considering buying a home? at this moment, the biggest answer was that folks aren't even considering buying a home. we asked if the interest rates are a factor, whether or not they buy a home. again, biggest majority said i'm not even considering it. but those who are considering it, interest rates, huge factor. >> which is interesting, because a 6% mortgage, way up from where it was, is still historically low when you go back to the olden times, my era, and my parent's era. so what does economically, politically, regulatorily, cyrus, what do the folks you surveyed want most? >> that's a great question. so economically, in terms of regulation, you know, i'm guessing that not a ton of people watching right now are pounding the table asking for more red tape. but you think about
ira and ways to invest in retirement. >> not going to happen. imagine. it's a shame, but i get with the higher costs. do the folks you surveyed, the 1,000 18 to 34-year-olds, i'm sure they would like to own a home. do they see it as a reality? >> we asked whether folks are considering buying a home? at this moment, the biggest answer was that folks aren't even considering buying a home. we asked if the interest rates are a factor, whether or not they buy a home. again, biggest...
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Feb 20, 2024
02/24
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what he did was he converted -- he allowed people to convert roth iras into thousand nine -- in 2009o tax-for entities. people who make large sums of money don't pay medicare taxes. the surcharges. they don't have to pay social security taxes at 85% versus 50%. host: what do you pay under the current system? caller: it depends which calculation you use. if you use the percent of taxable income, it's around 10%. if you pay total income,. it's different -- income, it's different. host: leland in new york on the independent line. caller: hi. i'm still working. i am 68. i started collecting social security. i live in a village with a just find out there is millions and damage to the sewer. they just charged me $450 more on my taxes. i just found out a couple of weeks ago. host: is that out a couple weeks ago. host: where is that figure coming from? caller: it is village tax. it was added on. i pay already $700 in town taxes for sewer. i'm paying $1100 more because i have one rental. i always pay my fair share. anyone else is making really good money they try to cheat the system and they
what he did was he converted -- he allowed people to convert roth iras into thousand nine -- in 2009o tax-for entities. people who make large sums of money don't pay medicare taxes. the surcharges. they don't have to pay social security taxes at 85% versus 50%. host: what do you pay under the current system? caller: it depends which calculation you use. if you use the percent of taxable income, it's around 10%. if you pay total income,. it's different -- income, it's different. host: leland in...
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Feb 25, 2024
02/24
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several years ago during covid my wife and i converted traditional ira to roth. during covid, irs tax returns ended up getting stuck, so i made a bunch of calls and finally got through. the gentleman convinced me, try to set yourself up with an ip pin number, identity protection pin number. i did that and it took several months. and yet they do a bunch of things. long story short, that wasn't the problem but now i have an ip pin number for my wife and myself. now that we are getting elderly we want to opt out of the program because you have to go through the irs website and you need an id me website number, pin number. the irs will not allow me, now that i have an ip pin number to opt out of the program. i am thinking that my wife has some medical issues. i have some myself. host: what is your question for erica? caller: how can i opt out of the identity protection pin number? the irs is telling me that there is no way to do that. host: i will let erica see if you have any insight onto that. i don't know if that is in your wheelhouse. guest: that is not in my whe
several years ago during covid my wife and i converted traditional ira to roth. during covid, irs tax returns ended up getting stuck, so i made a bunch of calls and finally got through. the gentleman convinced me, try to set yourself up with an ip pin number, identity protection pin number. i did that and it took several months. and yet they do a bunch of things. long story short, that wasn't the problem but now i have an ip pin number for my wife and myself. now that we are getting elderly we...
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Feb 24, 2024
02/24
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several years ago during covid my wife and i converted traditional ira to roth.uring covid, irs tax returns ended up getting stuck, so i made a bunch of calls and finally got through. the gentleman convinced me, try to set yourself up with an ip pin number, identity protection pin number. i did that and it took several months. and yet they do a bunch of things. long story short, that wasn't the problem but now i have an ip pin number for my wife and myself. now that we are getting elderly we want to opt out of the program because you have to go through the irs website and you need an id me website number, pin number. the irs will not allow me, now that i have an ip pin number to opt out of the program. i am thinking that my wife has some medical issues. i have some myself. host: what is your question for erica? caller: how can i opt out of the identity protection pin number? the irs is telling me that there is no way to do that. host: i will let erica see if you have any insight onto that. i don't know if that is in your wheelhouse. guest: that is not in my wheel
several years ago during covid my wife and i converted traditional ira to roth.uring covid, irs tax returns ended up getting stuck, so i made a bunch of calls and finally got through. the gentleman convinced me, try to set yourself up with an ip pin number, identity protection pin number. i did that and it took several months. and yet they do a bunch of things. long story short, that wasn't the problem but now i have an ip pin number for my wife and myself. now that we are getting elderly we...