Timothy Sumer

... ( read more ) LEARN MORE ABOUT: IRA Accounts CONVERT IRA TO GOLD: Gold IRA Account CONVERT IRA TO SILVER: Silver IRA Account REVEALED: Best Gold Backed IRA Backdoor Roth Conversion: Don't Miss Out on the Misunderstood Tax Credit For individuals with high incomes, contributing directly to a Roth IRA may not be an option due to income limitations set by the Internal Revenue Service (IRS). However, there is a little-known loophole called the backdoor Roth conversion that allows high earners to bypass these restrictions and contribute to a Roth IRA indirectly. This strategy has gained popularity in recent years, but many people are missing out on an additional tax credit that comes along with it. Before diving into the details of the tax credit, let's first understand the concept of a backdoor Roth conversion. It involves making non-deductible contributions to a traditional IRA and then converting the funds into a Roth IRA. Since there are no ...

In this video, we're going to discuss some of the common mistakes people make when setting up a Roth IRA. These mistakes can lead to serious financial consequences, so be sure to watch and learn! If you're thinking about setting up a Roth IRA, then you need to watch this video! We'll discuss some of the most common Roth IRA mistakes and how to avoid them. By following these tips, you'll make sure that your Roth IRA is set up correctly and will protect your money in the event of an emergency! -Check out our new course, Index Fund Pro: -Instagram: -TikTOK: ================== FREE GUIDES: Check out the free guide on where to put your money in what order! Here is the free How to Ask for A Raise ebook! ================== USEFUL RESOURCES: The Year-End Money Checklist The 75-Day Money Challenge Finally, Get That Raise Best Personal Finance Books: ================== ABOUT ME 👇 My mission is to provide my viewers with all the tool...

///////////////////////////////////////////////// Get answers FASTER... Join this channel to get access to perks: Chat on discord: Join Link Support on Patreon: Get IRS FORM W4 TAX WITHHOLDING HELP HERE ----------------------------------------------------- Are you ready for professional investment advice? We can help you with financial planning and asset management. Let us guide your investments to your financial freedom. START HERE Our financial planning process is an ongoing relationship because as you grow, your financial plan grows with you. At Sickle Hunter Financial Advisors, we believe that saving and making sound financial decisions will help improve your life’s changing needs and objectives. Retirement, college planning, wealth building, social security, and career benefit packets are only a few of the financial decisions that you may face in your lifetime and we’re here to help guide you. TRAVIS T SICKLE, CFP®, EA®, AAMS®, CRPC®, RICP® CERTIFIED FINANCIAL...

Roth IRA Basics and Strategies You MUST Know - Make retirement planning Easier Subscribe Now: Download Our Retirement Toolkit: Are you looking for a tax-free growth and withdrawal retirement savings plan? Then look no further than the Roth IRA. In this comprehensive guide, we'll cover everything you need to know about Roth IRAs, from the basics of what they are and how they work to more complex topics like Roth conversions including The Backdoor Roth IRA and The Mega Backdoor Roth IRA. If you're new to Roth IRAs or just need a refresher, we've broken down the video into chapters so you can easily skip ahead to the topics that interest you the most. We cover the basics of Roth IRAs, including what they are, how they work, and the benefits of opening one. One of the biggest benefits of a Roth IRA is tax-free growth and tax-free withdrawals in retirement. We'll also discuss the differences between Roth IRAs and traditional IRAs, and how to decide which on...

On Your Money, Your Wealth® podcast #295 with Joe Anderson, CFP® and Big Al Clopine, CPA: whether you call it the barn door, the garage door, or the Roth two-step, you asked for more about the tax saving Backdoor Roth IRA conversion strategy, and Big Al and, reluctantly, Joe, are here to serve. For now at least! Should you wait until retirement to do a backdoor Roth IRA conversion? Plus, the pro-rata rule, self-employed modified adjusted gross income (MAGI) vs. AGI, and how capital gains work with Roth conversions. Also, strategizing for if and when the estate planning step up in basis tax laws change, whether a high yield savings account is good for investing $25K in cash, and listener comments on the show and the FIRE movement. 00:50 - Should We Wait Until Retirement to Do a Backdoor Roth Conversion? 08:31 - Capital Gains “Sit On Top” of Income? What About When Doing Roth Conversions? 15:44 - The Pro-Rata Rule: Are There Times When a Backdoor Roth Conversion Isn’t Worth It...

In this video, I'm explaining the Pro Rata Rule and calculating the taxable portion of a backdoor Roth IRA conversion. Go slow, use a calculator and keep records of your calculations with your taxes. 0:00 Intro 0:15 Pro Rata Rule Formula 2:14 Pro Backdoor Roth Conversion Example 3:14 Pro Rata Formula Example 5:11 Important numbers for Pro Rata Formula 5:48 IRS Form 8606 ///////////////////////////////////////////////// Get answers FASTER... Join this channel to get access to perks: Chat on discord: Join Link Support on Patreon: ----------------------------------------------------- Are you ready for professional investment advice? We can help you with financial planning and asset management. Let us guide your investments to your financial freedom. START HERE Our financial planning process is an ongoing relationship because as you grow, your financial plan grows with you. At Sickle Hunter Financial Advisors, we believe that saving and making sound financial decis...

The ultimate benefits of a Roth IRA vs. a traditional IRA are subjective depending on the individual and what tax bracket they expect to be in when they reach retirement age. In other words, would you prefer to receive your tax benefits now or after you retire? Since Roth IRA contributions aren't deductible and qualified withdrawals are tax-free, they may ultimately be a better option for those in a relatively low tax bracket at the time of investing. However, if you qualify for the traditional IRA tax deduction and are in a moderate-to-high tax bracket, then the immediate tax savings might be a better tradeoff. As a general rule of thumb, if you expect to be in a lower tax bracket when you retire, a traditional IRA might make more sense. However, if you expect to be in the same or higher tax bracket when you retire, it could be wiser to pony up the tax dollars upfront with a Roth IRA. But again, if you’re unsure of what your financial situation is going to look ...

If you make too much money, you will not be able to contribute to a Roth IRA for tax free income during retirement. In this episode, Troy Sharpe, CFP® will show you how you can access the backdoor Roth IRA so that you can develop a retirement that will give you a retirement income and stretch your dollars so that they last you while you are alive. #taxfree #notaxes #financialsuccess #retirementplanning Troy Sharpe is the CEO of Oak Harvest Financial Group, a local family-owned financial services firm. Troy leads a team of experienced professionals, analysts, and support staff to help clients create customized financial strategies that align with their unique retirement goals. Troy holds a Series 65 license as well as a Texas life insurance license. He also earned a finance degree from Florida State University and completed his Certified Financial Planning certification at the Susanne M. Glasscock School of Continuing Studies at Rice University. Additionally, Troy is a...

In this video, Colin Exelby, CFP® explains the five most common conversion mistakes so you don’t make them. Learn in detail, five ways investors, financial advisors, and CPAs have made mistakes so that you can take full advantage of Roth conversions. A Roth conversion is a strategy where you move Traditional, SEP, or Rollover IRA funds into a Roth IRA for tax-free future growth. Anyone can do it, no matter your age or your income limit. So the younger you are when you do it, potentially the larger the benefit. They’re even more powerful when converted in a down market. Watch this video to learn why. TIME STAMPS : 00:00 Roth IRAs 00:35 5 Most Common Conversion Mistakes 01:22 The Pro-Rata Rule 04:39 Not converting enough assets while young 07:20 Forgetting about the IRMAA penalty 08:31 Converting the entire IRA in a single year 09:20 The 5 year rule ★☆★ Who Is IRMAA And Why Does She Matter? ★☆★ ★☆★ Roth IRA Conversion Pros and Cons in 2022 ★☆★ ★☆★ How to Create...

If you're a high earner and no longer qualified to contribute directly to a Roth IRA, the Backdoor Roth IRA is your way in. It's an IRS tax loophole that allows you to convert traditional IRA money into a Roth account. In this video, I explain what a backdoor Roth IRA is, how to set one up, and how taxes work with them including the pro-rata rule. We also take a look at how much tax savings you'll receive from using a Roth account. Work with me: Rith IRA calculator: My website: Say hi on Instagram: Watch more retirement videos: Share this video: ... ( read more ) LEARN MORE ABOUT: IRA Accounts TRANSFER IRA TO GOLD: Gold IRA Account TRANSFER IRA TO SILVER: Silver IRA Account REVEALED: Best Gold Backed IRA https://inflationprotection.org/backdoor-roth-ira-guide-pro-rata-rule-explained/?feed_id=53019&_unique_id=63a6ae2925108 #Inflation #Retirement #GoldIRA #Wealth #Investing #backdoorroth #backdoorrothira #backdoorrothir...

Today on Your Money, Your Wealth® podcast #286 with Joe Anderson, CFP® and Big Al Clopine, CPA: Investing strategies for dividend-paying stocks and how the pro-rata rule for Roth conversions work with dividends. Plus, Wealthfront, M1, Paul Merriman? Should young investors use a robo-advisor or pay for financial advice? Also, thoughts on a Vanguard retirement portfolio and ideas for self-employed small business owners to save money in retirement plans like SEP IRA, SIMPLE IRA, and Solo 401(k). Send in money questions and access the episode transcript and free financial resources: 00:51 - How Does the Pro-Rata Roth Conversion Rule Apply to Dividends? 07:03 - Do I Lose the Dividends if I Sell Dividend-Paying Stocks Before the Dividends are Distributed? 17:48 - Investing Advice for Under Age 30: Should I Switch from My Robo-Advisor and Pay a Fee for a Financial Advisor? 27:41 - What Do You Think About This Vanguard Portfolio for Retirement? 34:42 - SEP-IRA, SIMPLE IRA, Solo 401...

Backdoor Roth IRA Pro Rata Rule Explained. I'm going over the Pro Rata Rule for the backdoor Roth conversion strategy in this video. 1. What is the Pro Rata Rule 2. What is the Pro Rata Rule Formula 3. Example of the Pro Rata Rule 00:00 Intro 00:41 Roth IRA Income Limits 1:55 Pro Rata Rule 3:59 Pro Rata Rule Formula 4:22 Pro Rata Rule Example 5:40 Pro Rata Rule Tips ///////////////////////////////////////////////// Get answers FASTER... Join this channel to get access to perks: ----------------------------------------------------- Are you ready for professional investment advice? We can help you with financial planning and asset management. Let us guide your investments to your financial freedom. START HERE Our financial planning process is an ongoing relationship because as you grow, your financial plan grows with you. At Sickle Hunter Financial Advisors, we believe that saving and making sound financial decisions will help improve your life’s changing needs and ...

Roth IRAs are a great way to invest with tax-free growth, but with a tax benefit this good, there are definitely some pitfalls to watch out for. In this video I break down 15 of the worst IRA mistakes I've seen as a CPA. Whether it's contributing too much to a Roth or not understanding the backdoor Roth IRA rules correctly (including the pro-rata rule), you definitely want to avoid these Roth IRA blunders to maximize your retirement investing. Other Videos Mentioned: - Traditional vs. Roth IRAs: - How to Open Up a Backdoor Roth IRA With Vanguard: - The Allec Family Vlog: Programs (Use Coupon Code YOUTUBE for 50% Off!): 🎓 Prosper: Free Downloads: 💸 75 Ways to Save an Extra $100 This Month: 🤑 15 Referral Programs That Make Me Over $20,000 a Month: Table of Contents: 0:00 Roth IRA Warnings 1:37 #1 Not Exploring Other Investment Options 5:00 #2 Contributing to a Roth IRA Without Earned Income 6:33 #3 Contributing to a Roth ...