4 Roth Conversion Options for Tax-Free Portfolio Growth - 190

Your Money, Your Wealth

Realestate, Income, Investing, Personalfinance, 401k, Rothconversion, Retirement, Education, Taxes, Socialsecurity, Personalfinances, Finance, Retirementplanning, Investments, Stocks, Business, Roth, Fiduciary, Ira

2.3 • 681 Ratings

🗓️ 9 October 2018

⏱️ 38 minutes

🔗️ Recording | iTunes | RSS

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Summary

Trump tax cuts are slated to sunset in 2025, but the House has passed the GOP bill to make them permanent. Life insurance settlements, or “Death Bonds,” are being offered as a “solution” to senior bankruptcies. Four different Roth conversion options to avoid a tax bracket jump, with a caveat. And answers to your questions: Will the IRS take FICA taxes out of those conversions? What’s the deal with required minimum distributions, qualified charitable distributions, and Roth IRA rollovers? Plus, Joe and Big Al go off on self-directed IRAs. Transcript and show notes at http://bit.ly/YMYW-190

Transcript

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0:00.0	Today on Your Money Your Wealth, the Trump tax cuts are slated to sunset in 2025, but the House has passed the GOP bill to make them permanent.
0:08.3	And life insurance settlements or death bonds are being offered as a solution to senior bankruptcies.
0:14.0	Joan Big Al also answer a whole slew of your email questions, including but not limited to.
0:18.9	What's the best Roth conversion strategy to avoid a
0:21.4	tax bracket jump given that recharacterizations and forever in oh six days from
0:26.1	the release of this episode the fellas have four different options for you with a
0:29.6	caveat will the IRS take FICA taxes out of those conversions what's the deal
0:34.0	with required minimum distributions qualified charitable distributions distributions, and Roth IRAs?
0:39.2	Plus, Joe and Big Al go off on self-directed IRAs.
0:43.1	Here they are now, Joe Anderson, CFP and Big Al Clopine CPA.
0:48.1	Hey, right hot off the press there, bud.
0:50.4	What's going on?
0:51.3	Well, this was on Thursday.
0:53.7	The House passed the GOP bill to make the new tax cuts permanent.
0:57.0	Permanent.
0:58.0	Permanent. So we know that December 24th of last year we got the Tax Cut and Jobs Act that lowered tax rates for everybody.
1:07.0	Some people ended up paying more taxes because of loss of deductions. But I would say the majority of the people that we have looked at
1:12.6	are paying a little bit less in taxes.
1:14.6	As you may know, this new loss was to sunset generally in 2025,
1:19.6	and this was an attempt to make it permanent,
1:21.6	at least while the Republicans are still in control.
1:24.6	I think that's why they kind of pushed this through quickly.
	...

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