1737: [Part 1] 2021 Year-End Tax Planning by Sean Mullaney of FI Tax Guy on Roth IRA vs. Traditional IRA

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🗓️ 11 December 2021

⏱️ 13 minutes

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Summary

Sean Mullaney of FI Tax Guy talks about 2021 year-end tax planning. This is part 1 of 2. Episode 1737: [Part 1] 2021 Year-End Tax Planning by Sean Mullaney of FI Tax Guy on Roth IRA vs. Traditional IRA Sean Mullaney is a financial planner and the President of Mullaney Financial & Tax, Inc. Mullaney Financial & Tax, Inc. offers fiduciary, fee-only, hourly, and advice-only financial planning. Sean established Mullaney Financial & Tax, Inc. after a lengthy career in public accounting. He worked in the tax departments of both Deloitte & Touche and PwC, including over 6 years in PwC’s Washington National Tax Services practice. Sean is a Certified Public Accountant licensed in California and Virginia. He is a member of the American Institute of Certified Public Accountants and an associate member of the National Association of Personal Financial Advisors. Sean has degrees in accounting, law, and taxation and a certificate in financial planning. The original post is located here: https://fitaxguy.com/2021-year-end-tax-planning/ Visit Me Online at OLDPodcast.com Interested in advertising on the show? https://www.advertisecast.com/OptimalFinanceDaily Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is Optimal Finance Daily, episode 1737, 2021, Year-End Tax Planning, part 1, by Sean
0:09.6	Mulaney of 5taxguy.com. And I'm your host and personal finance enthusiast, Diana Mariam.
0:17.2	I have a new author for you today. I'll tell you more about Sean right after the reading,
0:23.1	and it's a bit of a longer post, so I'll read the first half today and then finish the rest for
0:28.7	you tomorrow. So with that, let's dive into the first half and start optimizing your life.
0:38.7	2021 Year-End Tax Planning, part 1, by Sean Mulaney of 5taxguy.com.
0:47.6	It's time to think about Year-End Tax Planning. Year-End is a great time to get tax planning
0:53.9	ducks in a row and take advantage of opportunities. This is particularly true for those in the
1:00.4	financial independence community. Five principles often increase one's tax planning opportunities.
1:08.8	Remember, the information soon to be mentioned is for educational purposes only.
1:14.4	None of it is advice directed towards any particular taxpayer. Backdoor Roth IRA deadline 2021.
1:23.9	As of this writing, November 1, 2021, the legal deadlines around Backdoor Roth IRAs have not changed.
1:32.6	The non-deductible 2021 traditional IRA contribution must happen by April 15, 2022.
1:40.9	And there's no legal deadline for the second step, the Roth conversion.
1:45.7	However, from a planning perspective, the practical deadlines have both steps of a 2021
1:52.4	Backdoor Roth IRA completed is December 31, 2021. This is because of a proposed legislation
2:01.1	that eliminates the ability to convert non-deductible amounts in a traditional IRA
2:06.8	effective January 1, 2022. Fortunately, the elimination proposal was not in the latest
2:13.6	legislative language as of November 1st. However, considering the risk that the Backdoor
2:20.3	Roth elimination proposal is enacted, taxpayers planning on completing a 2021 Backdoor Roth IRA
2:28.6	should act to ensure that the second step, the Roth conversion, is completed before December 31st.
2:36.8	Taxpayers on the Roth IRA modified adjusted gross income limit borderline.
	...

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