How to Deal With Taxes When Income Goes Through the Roof - 394

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

🗓️ 6 September 2022

⏱️ 48 minutes

🔗️ Recording | iTunes | RSS

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Summary

If a fortunate equity event or liquidity event should cause your income to skyrocket, what will that do to your taxes? Joe and Big Al spitball tax strategies to help you manage this good problem to have. Plus, Backdoor Roth, contributions, conversions, and income limits explained, converting twelve and a half million bucks to Roth, and what happens to retirement accounts when you pass - will there be a tax bill due? Kicking it off with the 7-twelve portfolio - what is it? Show notes, free financial resources, Ask Joe & Big Al On Air: https://bit.ly/ymyw-394

Transcript

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0:00.0	Today on Your Money, Your Wells Podcast number 394, if a fortunate equity event or liquidity event should cause your income to skyrocket, what will that do to your taxes?
0:11.5	Join Big Al Spitfall tax strategies to help you manage this good problem to have.
0:16.3	Plus, backdoor Roth, contributions, conversions, and income limits explained. Converting 12.5 million bucks to
0:24.5	Roth. And what happens to retirement accounts when you pass? Will there be a tax bill due?
0:29.9	Visit Your Money, Your Wealth.com, and click Ask Joe and Al on air to send in your money questions,
0:35.3	comments, suggestions, and requests as an email
0:38.4	or a priority voicemail.
0:40.4	We'll kick things off today with the 712 portfolio.
0:43.7	What is it?
0:44.7	I'm producer Andy Last, and here are the hosts of your money, your wealth, Joey Anderson,
0:49.0	CFP, and Big Al Clopine CPA.
0:52.7	Hi Joe, Big Al and Andy.
0:56.8	It's on your podcast about a year ago and love it.
1:01.8	Y'all, the perfect mix of thought-provoking insights and entertainment.
1:03.6	I've learned a lot from you.
1:04.7	Thank you.
1:06.3	Well, thank you.
1:10.9	I live in the Piedmont of North Carolina.
1:16.2	Drive a 2013 Honda CRV with 190,000 miles and going strong.
1:20.8	I have a rescue terrier Chihuahua mix.
1:26.4	What is SPCA, special pet, California?
1:30.8	Oh, it actually stands for society for the Prevention of Cruelty to Animals.
	...

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