Can High Earners Fund a Roth IRA Without Paying More Tax? - 455

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

🗓️ 14 November 2023

⏱️ 54 minutes

🔗️ Recording | iTunes | RSS

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Summary

Steve & Sharon in Minnesota are high earners - can they get more money into their Roth IRA without paying more tax? Should Fred in western New York do Roth conversions before required minimum distributions kick in? If Mike in Utah saves on healthcare premiums now, will that mean large RMDs and tax bills for him later? Should Mark in Maryland do a backdoor Roth after maxing out his 401(k)? And should Joseph in Kansas contribute to his new employer’s traditional or Roth 401(k)?

Timestamps:

00:49 - Should We Do Roth Conversions Before RMDs Kick In? (Fred, western NY)
10:22 - Will Saving on Healthcare Premiums Now Mean Large RMDs and Tax Bills Later? (Mike, UT)
19:36 - Where to Invest After Maxing Out 401(k)? Backdoor Roth? (Mark, MD)
28:04 - How to Get More into Roth Without Paying More Tax? (Steve & Sharon, Roseville, MN)
39:24 - Roth 401(k) or Traditional 401(k) With New Employer? (Joseph from Wichita, KS)
47:08 - The Derails

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Episode Transcript
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Transcript

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0:00.0	Steve and Sharon in Minnesota are high earners. Can they get more money into their Roth IRA without
0:05.1	paying more tax? That's today on your money, your wealth podcast number 455. Also, should Fred in
0:11.3	Western New York do Roth conversions before required minimum distributions kick in? If Mike in Utah saves on
0:17.3	health care premiums now, will that mean large RMDs and tax bills for him later?
0:22.4	Should Mark and Maryland do a backdoor Roth after maxing out his 401K? And should Josephine
0:27.2	Kansas contribute to his new employer's traditional or Roth 401K? If you've got money questions
0:32.8	or to get a full retirement spitball analysis of your own. Go to Your Money, Your Wealth.com.
0:37.6	Click Ask Joe and Big Al on air and send us your details.
0:41.3	I'm producer Andy Last and here are the hosts of Your Money, Your Wealth, Joe Anderson, CFP, and Big Al Clopine CPA.
0:48.6	Got Fred on the line here.
0:49.9	He goes, hey, Al, Joe, Andy.
0:52.1	Name's Fred.
0:53.7	I've been enjoying your podcast for a little over a year now and find it both informative
0:58.0	and entertaining, much more on both fronts than other financial podcasts I've tried
1:03.5	in the past.
1:04.3	I've turned a couple of my friends on the podcast, and they join too.
1:07.9	Well, thanks, Fred.
1:09.3	Keep up the good work.
1:10.4	I'm hoping you can provide a spitball for me.
1:14.9	Boom.
1:15.4	Okay.
1:16.0	Here we go.
	...

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