Timothy Sumer

Carl has about $35k in a traditional IRA. He's thinking about transferring these funds into a Roth IRA to avoid a tax penalty down the road. Carl would like to know how much he should transfer and if that transfer will count as "earned income" at the end of this year. Original airdate: March 18, 2018 - Hour 1, Call 3. Wes Moss is the host of MONEY MATTERS – the country’s longest-running live call-in, investment and personal finance radio show – on News 95-5FM and AM 750 WSB. Send me your questions directly at (contact box in top right corner) You Can Retire Sooner Than You Think Money Matters with Wes Moss podcast or on Apple Podcasts Twitter: Facebook: Check out my website for more financial tools and articles: Please note, this information is provided to you as a resource for informational purposes only and should not be viewed as investment advice or recommendations. Investing involves risk, including the possible loss of principal. There is ...

Did you know you can convert your traditional IRA to a Roth IRA? Navy Federal's personal finance experts explain how this can benefit you. What would you like our experts to talk about next time? Comment below. Subscribe to the Navy Federal channel: Connect with Navy Federal online Website: Facebook: Twitter: Instagram: Google+: YouTube: ... ( read more ) LEARN MORE ABOUT: IRA Accounts INVESTING IN A GOLD IRA: Gold IRA Account INVESTING IN A SILVER IRA: Silver IRA Account REVEALED: Best Gold Backed IRA Money Minute: Converting Traditional IRA to Roth IRA One important financial decision that many individuals face is whether or not to convert their Traditional Individual retirement account (IRA) to a Roth IRA. This conversion can have significant implications for your retirement savings and tax planning. In this Money Minute, we will explore the basics of converting your Traditional IRA to a Roth IRA and highlight some key consideratio...

#BackdoorRothIRA #Investing #Taxes The Backdoor Roth IRA is a perfectly legal, IRS-sanctioned method for high income earners to convert their traditional IRA or tradtional 401k to a Roth IRA. I briefly touch on the biggest advantages and drawbacks when comparing a Roth IRA with a traditional IRA before delving into the reasons why someone would need to use a Backdoor Roth IRA. The IRS sets income limits on taxpayers that prevent higher income earners from contributing to a Roth IRA. The Backdoor Roth IRA get around the income limits by converting an existing traditional IRA to a Backdoor Roth IRA. I go over the steps to complete a conversion to a Backdoor Roth IRA including setting aside money to pay the taxes on contributions to your traditional IRA or 401k when converting to a backdoor Roth. I finish off by going over some of the rules and potential drawbacks of converting to a Backdoor Roth. I hope you enjoy the video and find it informative. Please remember I'm not a...