9 Answers to Boost Tax-Free Roth Retirement Income - 507
Your Money, Your Wealth
Your Money, Your Wealth
2.3 • 681 Ratings
🗓️ 10 December 2024
⏱️ 35 minutes
🧾️ Download transcript
Summary
Joe Anderson, CFP® and Big Al Clopine, CPA spitball on paying the tax on your Roth conversions on Your Money, Your Wealth® podcast number 507. If you take the money out of your retirement account, what does Joe mean that you’ll be “paying the tax to pay the tax to pay the tax”? Can you pay it from the Roth account itself, or from your monthly pension tax withholding? Are the fellas wrong on this whole topic altogether? They also spitball on withdrawing Roth 401(k) contributions that were rolled to an IRA, those infamous 5-year rules for withdrawals from Roth accounts, when to do Roth conversions, saving to tax-deferred, taxable, or tax-free accounts, and how long-term capital gains taxes fit into the picture. Plus, consolidating individual stock investments and the fate of the home office deduction, and what Joe thinks about the Apple Podcasts reviewer that says he’s checked out.
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Timestamps:
00:00 - Intro: This Week on the YMYW Podcast
01:06 - Can I Withdraw Roth 401(k) Contributions That Were Rolled to IRA? (Peter LemonJello, FL)
05:32 - Paying the Tax to Pay the Tax” on Roth Conversions Clarified (David)
09:13 - Should We Save to Tax-Deferred Accounts, Backdoor Roth, or Brokerage? (David & Victoria, Cincinnati, OH)
15:23 - Watch How to Break Through Retirement Barriers on YMYW TV, Calculate Your Free Financial Blueprint
16:17 - Should I Do Roth Conversions at Age 66 If I Want to Retire at 70? (Mike, PA)
17:49 - You’re Wrong About Roth Conversion Tax Payments (Robert, YouTube)
20:20 - Can I Pay Roth Conversion Tax From Monthly Pension Withholding? (Big Toe Knee, YouTube)
20:45 - Should I Consolidate Individual Stocks Into ETFs? (Lu, YouTube)
22:44 - Do I Understand the 5-Year Rules for Roth Withdrawals? (NR, YouTube)
25:51 - Download the 5-Year Rules for Roth IRA Withdrawals and the Withdrawal Strategy Guide
26:39 - Was the Home Office Deduction Eliminated Under the Tax Cuts and Jobs Act? (George, YouTube)
27:30 - Contributing to Roth vs. Pre-Tax: Would It Count as Long-Term Capital Gains? (Moriel, YouTube)
30:16 - Is it a Good Idea to Pay Roth Conversion Tax Out of the Roth? (Michelle, Facebook)
31:35 - Joe is Completely Checked Out (Anonymous Apple Podcasts Review)
33:19 - Outro: Next Week on the YMYW Podcast
Transcript
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| 0:00.0 | Joe and Big Al spitball on paying the tax on your Roth conversions. Today on Your Money, |
| 0:05.5 | Your Wealth podcast number 507. If you take the money out of your retirement account, |
| 0:10.0 | what does Joe mean that you'll be paying the tax to pay the tax to pay the tax? Can you pay it |
| 0:13.9 | from the Roth account itself or from your monthly pension tax withholding? Are the fellas wrong |
| 0:18.6 | on this whole topic altogether? They also spitball on withdrawing Roth 401 contributions that were rolled into an IRA, and |
| 0:26.6 | those infamous five-year rules for withdrawals from Roth accounts, as well as when to do Roth |
| 0:31.6 | conversions, saving to tax-deferred, taxable, or tax-free accounts, and how long-term capital |
| 0:36.6 | gains taxes fit into the picture. |
| 0:38.8 | Plus, consolidating individual stock investments and the fate of the home office deduction, |
| 0:43.8 | as Joe and Big Al spitball for Peter Lemongelo, David and Victoria, Mike in Pennsylvania, |
| 0:48.9 | and a whole bunch of our YouTube viewers, and one of our Facebook followers. |
| 0:52.9 | Finally, what does Joe think about the Apple Podcasts reviewer that says he's checked out? |
| 0:58.1 | I'm executive producer Andy Last, and here are the hosts of Your Money, Your Wealth, |
| 1:02.5 | Neil Anderson, CFP, and Big Alclopine CPA. |
| 1:05.9 | I got Peter Lemongelo. |
| 1:09.9 | I'm coming in from Florida. |
| 1:12.0 | I was high gentleman in Andy. I'm reaching out while drinking a Dosecchi's Amber, contemplating |
| 1:16.4 | my upcoming early retirement. I have sufficient savings and retirement plans for retirement. |
| 1:21.1 | I also have enough current savings to make it to approximately age 58, maybe longer. |
| 1:26.4 | I'm worried, but not being able to cover the last year or two |
| 1:30.1 | before I hit that magic 59.5 age. I know about the 72T tax election, but that isn't really |
| 1:37.7 | ideal as I would have to stretch it out over five years, not one or two as I needed. |
... |
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