Are you looking to pay less on your taxes? 💰💰 Then THIS video is for you! The strategy I talk about here can make me $110,000 tax-free. #HOLLA 🎉 So what’s the secret trick? And is it even legal? In this new video 🎥, I’m sharing why I love the Roth IRA so much. With details including everything from what is a Roth IRA conversion to what I like to call, the Backdoor Roth IRA. Reality is, there are easy ways to save and make money using a Roth IRA. Check it out for all the details. Here's what you'll learn in this new video: ▶︎ How can the Roth IRA be your new BFF? ▶︎ What is my Roth IRA story and how did I max it out before being phased out from making too much income? Here are all the details. ▶︎ What did rolling over a 401k look like for me? ▶︎ What’s the absolute worst strategy you can use to try and protect yourself from a stock market crash? ▶︎ What’s a Roth IRA conversion and is it really the best idea for YOU? ▶︎ How I’ve made almost $80,000 gain on this one stock ▶︎ What I learned about trusting my gut on when to buy with this stock (hint: I avoided the IPO). ▶︎ What’s the backdoor Roth IRA? And how can you use it to your benefit? ★☆★ Want More Good Financial Cents? ★☆★ 💻 Check out my blog here: Listen to my podcast here: 🎙 Pick up my best selling book, Soldier of Finance, here: 📗 Connect with me on Twitter: My most favorite inspiration T-shirt line, Compete Every Day: 👕 ...(read more)
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Roth IRA Conversion: How I Made $110,000 Tax Free With This Simple Hack (yes, it's legal) When it comes to saving for retirement, many people often focus on traditional individual retirement accounts (IRAs) or 401(k) plans. However, there is another lesser-known retirement account that can offer significant tax advantages - the Roth IRA. With a Roth IRA, you pay taxes on the contributions upfront, but qualified withdrawals in retirement are tax-free. This unique feature makes the Roth IRA an enticing option for those looking to maximize their savings. While contributing to a Roth IRA is a straightforward process, there is an additional strategy called a Roth IRA conversion, which can help individuals further maximize their tax benefits. A Roth IRA conversion is essentially a transfer of funds from a traditional IRA or a 401(k) account into a Roth IRA. Here's how I turned a simple Roth IRA conversion into a tax-free windfall of $110,000. Step 1: Evaluate your eligibility and tax situation To determine if a Roth IRA conversion is right for you, start by evaluating your eligibility. Individuals with a modified adjusted gross income (MAGI) of $140,000 or less ($208,000 for married couples filing jointly) are eligible for the full conversion. If your MAGI exceeds these limits, a partial conversion might still be possible, but it's necessary to consult a financial advisor or tax professional to determine the best approach. It's also crucial to assess your tax bracket. A Roth IRA conversion triggers immediate taxes on the converted funds. If you expect your tax bracket to be lower in the future, it might be wise to delay the conversion until then. However, if you anticipate being in a higher tax bracket, making the conversion sooner can save you money in the long run. Step 2: Convert funds from traditional IRA or 401(k) to Roth IRA Once you've determined that a Roth IRA conversion aligns with your eligibility and tax situation, it's time to initiate the conversion process. This process involves transferring funds from your traditional IRA or 401(k) into a Roth IRA. The converted funds will be taxed as ordinary income in the year of the conversion. This means that paying taxes on the conversion amount upfront is crucial. However, the tax-free growth potential and future tax-free withdrawals are what make this strategy so powerful. Step 3: Benefit from tax-free growth and withdrawals in retirement After completing the conversion, the funds will start growing tax-free within your Roth IRA. This means that all future investment gains are shielded from taxes. Moreover, when you withdraw funds in retirement, those withdrawals will be entirely tax-free. In my personal experience, I decided to convert $150,000 from my traditional IRA into a Roth IRA. Since I was in a lower tax bracket that year, the impact on my tax bill was manageable. Over time, my Roth IRA investments experienced substantial growth, eventually reaching $260,000. By following the rules and waiting until I reached age 59 ½, I was able to make tax-free withdrawals totaling $110,000, effectively boosting my overall retirement savings. It's important to note that the tax-free withdrawal rule applies only to qualified distributions. If you withdraw funds before the age of 59 ½ or within five years of the conversion, you may face penalties and taxes. Bottom line A Roth IRA conversion can be a powerful strategy to lower your future tax burden and significantly increase your retirement savings. However, it's crucial to evaluate your eligibility and tax situation before diving into this process. Consulting a financial advisor or tax professional can help ensure you make the most informed decision based on your individual circumstances. Remember, this simple hack is legal and serves as a valuable tool for maximizing your retirement savings. With the potential for tax-free growth and withdrawals, a Roth IRA conversion can be an effective way to secure your financial future. https://inflationprotection.org/legally-making-110000-tax-free-unveiling-the-simple-hack-behind-my-roth-ira-conversion/?feed_id=119897&_unique_id=64bc0a887411e #Inflation #Retirement #GoldIRA #Wealth #Investing #backdoorrothira #RothIRA #rothiraconversion #rothiraconversionstrategies #taxfreemoney #SimpleIRA #backdoorrothira #RothIRA #rothiraconversion #rothiraconversionstrategies #taxfreemoney
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