Borrow Money to Pay Tax on a Roth IRA Conversion? - 301

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

🗓️ 24 November 2020

⏱️ 47 minutes

🔗️ Recording | iTunes | RSS

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Summary

Should you borrow money to pay the tax on a Roth IRA conversion? Should you do a Roth conversion or capture non-qualified long term capital gains? How will Social Security benefits affect taxes after a backdoor Roth IRA conversion? Should a highly compensated employee use the mega backdoor Roth strategy? Are the tax savings on a conversion worth it? Plus the fellas explain the pro-rata rule - again. Access the episode transcript and financial resources, and send in your money questions: https://bit.ly/YMYW-301

Transcript

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0:00.0	After a short break from Roth conversion questions, the Inba Hux is once again overflowing with them,
0:05.0	so today on your money, your wealth, Big Al, and Reluctantly Joe, return to answering them.
0:11.1	The whole show is nothing but Roth conversion questions once again.
0:15.1	That is what the fellows are known for.
0:17.2	Should Perry do a conversion or capture non-qualified long-term capital gains?
0:22.6	How will Social Security impact Mike's taxes after a Roth conversion?
0:26.6	The fellows explain the pro rata rule again for Dan.
0:30.1	And Santiago is a highly compensated employee.
0:32.8	Should he do an MBDR, that is a mega backdoor Roth conversion?
0:36.8	And Ed wants to know if you should borrow
0:38.3	money to pay the tax on that conversion. Great questions all, and the fellas have some thoughts
0:43.4	and suggestions. Click the link in the description of today's episode in your podcast app to go to
0:48.4	the show notes, where you can read the episode transcript, access free financial resources,
0:53.0	and ask your money questions, even if they are about Roth conversions.
0:57.7	I'm producer Andy Last, and here are the hosts of Your Money, Your Wealth, Joe Anderson, CFP, and Big Al Clopine CPA.
1:06.1	I guess welcome to the Roth I ratio.
1:10.3	Where all we talk about is Roth.
1:12.6	You know, it's, here's what's happening, Joe.
1:14.6	The questions we're getting are based upon Ross, and so that's what we're talking about.
1:18.6	Then everyone assumes to ask us the Roth question.
1:21.6	So we just have to have one.
1:23.6	We've answered hundreds of questions on other topics.
	...

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