Timothy Sumer

Contribute to Non-Deductible IRA or Post-Tax Brokerage? (Allen) In the past, while working, I typically made too much salary to contribute to a Roth IRA, or get a deduction for a regular IRA contribution. Therefore, I made annual contributions to a non-deductible IRA, and I have been keeping track of the basis, so that I don't pay taxes on the non-deductible contributions, when I decide to start taking withdrawals. MY QUESTION - In general, does contributing to a non-deductible IRA make sense vs. post tax contribution to a brokerage account, given that the non-basis portion of the IRA will be taxed as income, when I take a distribution, vs. only paying long term capital gains on any money invested in a brokerage account? Seems like my income tax rate will be lower than capital gains rate, when I start withdrawing money from the IRA, but who knows where tax rates will be, in 15 years!!!!! I understand that our friends in DC are looking to increase capital gains rates to eq

FEDLIFE Podcast (Ep. 91) Mastering Retirement Planning: Understanding The SECURE Act 2.0 and the Future of Roth TSP Summary: Planning for retirement can be overwhelming, especially when dealing with legal changes. But fear not. In this riveting episode, Ed Zurndorfer and Dan Sipe delve into the SECURE Act 2.0 and its impact on Roth TSP participants. They explore the elimination of required minimum distributions (RMDs) for Roth IRAs and the unique challenges it poses for those with combined traditional and Roth TSP accounts. Get ready to navigate the benefits of rolling over Roth TSP accounts to Roth IRAs and gain a deep understanding of the reasoning behind the elimination of RMDs for Roth retirement plans. Ed and Dan discuss: • The SECURE Act 2.0 and the elimination of RMDs on Roth retirement plans - • How TSP participants can choose to roll over their Roth TSP account to a Roth IRA tax-free account • Why you should consider enrolling in Medicare Part B and its benefits •

"Hi Joe, Al and the Great and Powerful Andi! Regarding Podcast 391 at 23:54, 32-year-old Mike said he made his Roth $6000 "contribution" through a back door "conversion". Maybe I am off-base here, but I wonder if there is some confusion related to the conversion and contribution terms. His income for a "contribution" was too high for a direct Roth contribution. However; if he is converting to a ROTH IRA, that's a different story and he should NOT mark it on his taxes as a "contribution" because it is a conversion. The $6000 limit is also for a contribution but not a conversion. For Mike's sake, in case there is confusion on the terminology, can you explain the differences between ROTH contributions and their limits (income/contribution) compared to a ROTH conversion with limits (income/conversion NOT "contribution")? Thanks, Nancy" Listen to the entire Your Money, Your Wealth® podcast: Download the Comple

"Hello, love the show! My wife and I are 41, have 4 kids, I drive a 2020 Nissan Altima and we have a cat. I have a rollover IRA worth about $315k, Roth IRA of about $100k and a 401k at work of about $125k. My wife has a $18k Rollover IRA and a $75k Roth IRA. We also have a taxable brokerage account worth $125k. We make too much to do a Roth contribution. We plan to convert her rollover IRA to her Roth and pay the taxes from our brokerage account. My question is, can we convert my wife's rollover IRA to her Roth IRA and also contribute to a non-deductible IRA and convert that to a Roth (backdoor style) in the same year or do we have to wait until next year to do the backdoor? Thanks again Ben, Fargo ND" Listen to the entire Your Money, Your Wealth® podcast: Download the Complete Roth Papers Package, including the Ultimate Guide to Roth IRAs, the 5 Year Rules for Roth IRA Withdrawals, and the Roth IRA Basics Guide: Pure Financial Advisors, LLC is a fee-only

You may have heard that the amount you can put in a 401(k) has been increased for 2023. But many of the headlines bury the big news: Roth IRA rules have changed as well. Clark shares the details you need to know. MORE CLARK.COM CONTENT YOU MAY LIKE: ► clark.com/save-money/best-time-to-buy-series-i-savings-bonds/ ► clark.com/save-money/i-bonds/ ► clark.com/personal-finance-credit/investing-retirement/how-to-open-a-roth-ira/ Clark.com: Advice You Can Trust: SUBSCRIBE ► NEWSLETTER ► Follow Us for More Money Tips: Website ► Podcast ► Twitter ► Clark Howard Instagram ► Clark Howard Facebook ► Clark Deals Facebook ► Clark Deals Instagram ► For the very best deals and money-saving shopping tips ► www.clarkdeals.com Need Consumer Advice? Need advice? The Consumer Action Center is a free community resource for advice on money and consumer issues. Call 636-49C-LARK (636-492-5275) and a member of Team Clark will assist you as soon as possible. The Consumer Action Center is

We're an investing service that also helps you keep your dough straight. We'll manage your retirement investments while teaching you all about your money. #retirement #retirementplanning #dohstr8 ---Ready to subscribe--- For more information visit: --- Instagram @jazzWealth --- Facebook --- Twitter @jazzWealth Business Affairs 📧Support@JazzWealth.com... ( 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 Roth conversion is the process of moving assets from a traditional IRA to a Roth IRA. It's a smart financial move because a Roth IRA allows investors to take tax-free distributions in retirement, whereas distributions from traditional IRAs are taxed as ordinary income. The question is, when is the best time to do a Roth conversion? The answer to that question varies depending on everyone's personal situation. Some pe

Also, when was your last contribution to your IRA? Clark explains the best time to fund this important retirement account . MORE CLARK.COM CONTENT YOU MAY LIKE: ► clark.com/personal-finance-credit/investing-retirement/roth-ira-vs-traditional-ira/ ► clark.com/personal-finance-credit/investing-retirement/how-to-find-missing-or-lost-retirement-accounts/ ► clark.com/save-money/how-much-of-each-paycheck-you-should-save-or-invest/ Clark.com: Advice You Can Trust: SUBSCRIBE ► NEWSLETTER ► Follow Us for More Money Tips: Website ► Podcast ► Twitter ► Clark Howard Instagram ► Clark Howard Facebook ► Clark Deals Facebook ► Clark Deals Instagram ► For the very best deals and money-saving shopping tips ► www.clarkdeals.com Need Consumer Advice? Need advice? The Consumer Action Center is a free community resource for advice on money and consumer issues. Call 636-49C-LARK (636-492-5275) and a member of Team Clark will assist you as soon as possible. The Consumer Action Center

Question: Jon, VA - Hi Joe and Big Al, love your show and listen regularly. I am 53, I have no debt and recently retired. I was a franchisee of one fast food restaurant that I sold in December for $5.3 million dollars!! I have that money invested but my question is about my 401k money. Due to the sale of the business I recently had to close down my company 401k plan . I transferred my 401k money to an IRA with a local investment company. I had $733,811 in my 401k when I moved it to an IRA. I met with my advisor today and that due to my age I may want to consider doing a backdoor Roth conversion. Tax free growth and no required minimum distribution (RMD) sounds GREAT but I am having trouble swallowing the tax that would be due if I did this. Taxes would be somewhere in the $330,000 range. Is this a smart thing to do or should I do it in smaller amounts so I could stay in a lower tax bracket. I am not sure what my income will be in the years ahead other than I do have a couple

How can you reduce taxes, IRMAA, net investment income tax, and required minimum distributions when you’ve got too much money in your tax-deferred retirement account (traditional IRA) - and just how much Roth conversion should you do? That’s today on Your Money, Your Wealth® podcast 423 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, can you contribute to a Roth by transferring stocks “in kind”? If the check you send off to pay your estimated taxes isn’t cashed before the deadline is it late? How does SECURE 2.0 impact 529 plans, and is 529 better than Roth IRA for college savings? Finally, the fellas spitball a 401(k) in-plan Roth conversion and retirement account consolidation strategy. Podcast show notes, free financial resources, episode transcript: 00:00 - Intro 00:48 - We Have Too Much in Traditional IRA. How's Our Roth Conversion Plan? (Kelly, Idaho) 10:17 - Download the Tax Takedown Guide: Watch YMYW TV: Tax Takedown: 10:54 - Can I Make a Roth IRA Con

Saving for retirement can be a bit of a three-ringed circus but Joe Anderson, CFP®, and Big Al Clopine, CPA have your ticket to the show! Whether you’re retired, saving for retirement, in the military, or paying off student loans, SECURE 2.0 is a massive shift in investment policy, designed to motivate and enable people to save more for retirement to the tune of $40 billion in new savings plans over the next decade – not to mention reshaping 401(k)s and RMDs. What does the SECURE Act 2.0 mean for you? It's all under the big top in today's show! Download the free guide to the SECURE 2.0 Circus: Secure 2.0 Circus • Big Top Benefits • Inheritance Gymnastics • Show Time 0:00 - Intro 1:16 - Secure 2.0 Circus 2:50 - 401(k) Changes 5:07 - RMD Changes 6:43 - Emergency Savings Plan 7:00 - Qualified Charitable Distributions 7:43 - 529 Plans 9:14 - Student Loan Match Program 9:43 - Download Guide: SECURE 2.0 Circus 10:30 - True/False: If you inherit an IRA from your fathe

"Hey, Joe and Big Al this is Kyle from Georgia. My question is regarding some money that I have from an old employer 401k. So it's about $200,000 and it's all pre-tax. And when I left that employer, I moved it to my personal IRA. So my question is twofold. One, I can do Roth conversions on that money? We did it for the first time this year, and we were able to withstand the tax burden and we're in a high tax bracket and above the income limit to do regular Roth contributions. My other option is to take all that $200,000 and now I have access to my new employers 401k. If I should roll it there? And the reason being is I guess that the 200,000 is now sitting in a pre-tax account in my IRA, I can no longer make backdoor contributions, so no longer can put the 6,000 in and, and do a backdoor. So I'm wondering what you think is best. If I should just leave it there and continue to, I guess, Chunk at it till it's down to zero in, in all Roth, cuz that's

You can find the links and resources for this episode on our website here: ------ Want a complimentary copy of our latest book, Your Business Your Wealth? All you have to do is review our podcast (on Apple Podcast / Spotify / Stitcher), then email us a screenshot of your review to info@sfgwa.com and we'll mail you a copy of our latest book. This Material is Intended for General Public Use. By providing this material, we are not undertaking to provide investment advice for any specific individual or situation or to otherwise act in a fiduciary capacity. Please contact one of our financial professionals for guidance and information specific to your individual situation. Sound Financial LLC dba Sound Financial Group is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve

"Team, thank you again for the great show and the humor in how you answer these questions. I have a question about my Roth IRA and Roth TSP…. and it has nothing to do with the Megatron or back door! I’ve had my Roth IRA for about 15 years and began funding the Roth side of my TSP 5 years ago. I intend to transfer the Roth portion of my TSP to my Roth IRA whenever I decide to retire from the military. With that in mind: Will all the contributions I’ve made to my Roth TSP over the years be counted as contributions in my Roth IRA? Or would the entire value of the Roth TSP count as the contribution when it is transferred to my Roth IRA? Is there some other rule that I am missing? I understand that Roth IRA contributions can always be accessed without penalty and that contributions are considered to be the first portion withdrawn from the account. What I don’t understand is how or if that would change once another retirement plan such as my Roth TSP is brought over. I’m