Backdoor Roth IRA Conversions, Stimulus and Self-Employed Retirement -289

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

🗓️ 1 September 2020

⏱️ 48 minutes

🔗️ Recording | iTunes | RSS

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Summary

How do you report a backdoor Roth IRA conversion over two tax years, and is there a point at which the backdoor Roth doesn’t make sense? Plus, more strategizing for your Coronavirus related distribution, stimulus (and possible future stimulus) tax planning, and your self-employed, small business retirement plans. And finally, listener comments. Fill out the podcast survey for a chance to win a $100 Amazon e-gift card, send in money questions, and access the transcript and free financial resources: https://bit.ly/YMYW-289

Transcript

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0:00.0	You've got a chance to win a $100 Amazon E gift card just for telling us what you think about
0:05.7	your money, your wealth. Between now and September 21st, click the link in the description of today's
0:11.2	episode in your podcast app, go to the show notes, and fill out the third annual YMIW podcast
0:17.2	survey to be entered in the drawing. U.S. residents only, no purchase necessary.
0:22.5	Today on your money, your wealth, more strategizing for your coronavirus-related distribution
0:27.3	and your self-employed small business retirement plans.
0:30.6	Plus, listener comments and derails about comments.
0:33.9	But first, let's talk about backdoor Roth IRA.
0:36.7	How do you report a conversion over two tax years?
0:39.6	And is there a point at which the backdoor Roth just doesn't make any sense?
0:43.2	I'm producer Andy Last, and here are the hosts of Your Money, Your Wealth, Joe Anderson, CFP, and Big Alclopine CPA.
0:51.0	Al, we got Brian writing in.
0:53.4	Yeah.
0:56.0	Does it tell us where he's from? So he's probably...
0:58.0	Just have to guess.
0:59.0	He's probably new to the show.
1:00.0	Maybe after we get through the question, we'll guess.
1:02.0	Got it.
1:03.0	As you can tell, or maybe you don't, but Al and I don't read these questions prior.
1:09.0	I think everyone knows that I don't because I just fumbled through these things.
1:14.2	And they're getting longer.
1:16.2	So you would think you would get shorter because it's super annoying listening.
	...

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