How to Ditch a Bad SIMPLE IRA? What's a Prohibited Transaction? - 380

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

🗓️ 31 May 2022

⏱️ 30 minutes

🔗️ Recording | iTunes | RSS

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Summary

Is there a way to get out of a bad SIMPLE IRA and stash cash in a tax-free Roth account? Can an owner of a company, that’s being sold to another company, load up a Roth account with company shares before the sale, and have a big chunk of cash happily growing tax-free? (What exactly are disqualified persons and prohibited transactions?) When designating beneficiaries of an annuity in a community property state like California, does state law or the annuity owner determine the beneficiary? Show notes, free financial resources, Ask Joe & Al On Air: https://bit.ly/ymyw-380

Transcript

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0:00.0	Today on Your Mona, Your Wealth podcast number 380, is there a way to get out of a bad
0:04.9	simple IRA and stash cash in a tax-free Roth account?
0:08.8	Can an owner of a company that's being sold to another company load up their Roth account
0:13.4	with company shares before the sale and have a big chunk of cash happily growing tax-free?
0:19.0	What exactly are disqualified persons and prohibited transactions?
0:22.8	And finally, when designating beneficiaries of an annuity in a community property state like California,
0:28.2	does state law or the annuity owner determine the beneficiary? This show would not be a show
0:33.6	without your money questions. So visit Your Money,, your wealth.com. Click Ask Joe and Big
0:38.6	Al on air and send them in as an email or a priority voice message. I'm producer Andy Last and
0:44.3	here are the hosts of Your Money, Your Wealth, Joe Anderson, CFP, and Big Al Clopine CPA.
0:51.2	I got Maddie writes in from Chandler, Arizona. He goes, I make Moscow meals on Fridays while playing sequence.
1:00.6	Fun game with the wife.
1:03.1	It's a board game.
1:03.8	I looked it up.
1:05.3	I was thinking something else.
1:07.8	Alrighty.
1:08.9	And drive the 2014 Toyota Ravrefour.
1:12.1	Okay, very cool, Maddie.
1:13.9	You ever play sequence, Bigel, with the lady friend?
1:18.6	No, never heard of it.
1:20.0	Andy, you play sequence with your little man friend?
1:22.9	Like I said, I had to look it up to find out that it was a board game, so no.
	...

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