How to Cut Your Taxes Before Year-End - 457

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

🗓️ 28 November 2023

⏱️ 50 minutes

🔗️ Recording | iTunes | RSS

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Summary

Last-minute tax questions answered: should Brad in Wahoo, NE save to his regular 401(k) instead of his Roth 401(k) so he can claim the American Opportunity Tax Credit? Should Jennifer and Zeke in NY set up a Roth IRA and file taxes for their 13-year-old that’s got some earned income? Does Cindy in San Diego have to report her Medicare Advantage over-the-counter medication benefit on her taxes? And should our buddy Carl Spackler wait until the new year to deposit his rollover check? Plus, Em in FL needs ideas for moving her Mom from a low-cost-of-living area to a high-cost-of-living area, Wannabe Landlord wonders about creating an LLC for his real estate, and can CJ in FL and IN report pro-rated real estate expenses on schedule E? Finally, the 5-year rule on Roth withdrawals once again, this time for Brutus Buckeye, and Bruce from Joisey is back, this time he wants to pay cash for a car.

Timestamps:

01:08 - American Opportunity Tax Credit and Other Tax Strategies (Brad, Wahoo, NE)
05:07 - Tax Filing for 13-Year-Old With Earned Income (Jennifer & Zeke, NY state)
09:47 - HSA: The Last Month Rule for Health Savings Accounts (JZ, New York)
13:01 - Income Tax and Sales Tax Explained (Cindy, San Diego - North County)
16:23 - Deposit Rollover Check After New Year to Avoid the Pro-Rata Rule? (Carl Spackler, FL)
21:12 - Strategies for Mom to Move from LCOL to HCOL Area (Em, FL)
26:28 - LLC For Real Estate Investment Properties? (Wannabe Landlord)
28:28 - How to Report Pro-Rated Real Estate Expenses on Taxes (CJ, Florida & Indiana)
32:22 - 5-Year Roth IRA Withdrawal Rule - Sigh (Brutus Buckeye, Columbus, OH)
37:41 - Should I Pay Cash for a Car? (Bruce, Joisey)
43:15 - The Derails

Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw-457

Reduce Your 2023 Taxes With These End-of-Year Tax Planning Strategies (free on-demand webinar)
End-of-Year Tax Strategies Guide
DIY Retirement Guide (LIMITED TIME OFFER! Download by Friday, Dec. 1, 2023!)
Episode Transcript
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Transcript

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0:00.0	Your last minute tax questions answered.
0:02.3	Today on your money, your wealth podcast number 457.
0:05.7	Should Brad in Wahoo, Nebraska, save to his regular 401k instead of his Roth 401k so he can
0:11.7	claim the American Opportunity Tax Credit?
0:14.4	Should Jennifer and Zeeke in New York set up a Roth IRA and file taxes for their 13-year-old
0:19.0	that's got some earned income?
0:20.7	Does Cindy and San Diego have to report her Medicare advantage over-the-counter
0:24.6	medication benefit on her taxes?
0:26.6	And should our buddy Carl Spackler wait until the new year to deposit his rollover check?
0:31.6	Plus, M in Florida needs ideas for moving her mom from a low cost of living area to a high cost of living area,
0:43.3	wannabe landlord wonders about creating an LLC for his real estate, and can CJ in Florida and Indiana report pro-rated real estate expenses on Schedule E. Finally, the five-year rule on
0:49.5	Roth withdrawals, once again, this time for Brutus Buckeye, and Bruce from Joycey is back.
0:54.4	This time he wants to pay cash for a car.
0:57.0	I'm producer Andy Last, and hold on to your seats as I do my best to corral all the derails in this wild episode with the hosts of your money, your wealth.
1:04.9	Joe Anderson, CFP, and Big Al Clopine CPA.
1:08.7	Hey, guys, I write a vintage 1980.
1:14.6	Crider, Florette R.S. mop.
1:17.6	Mopped.
1:18.6	Mopad.
1:19.6	Oh, my God.
1:20.6	All right.
1:24.6	Drink of choice, apple ciders.
	...

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