How to Do the Mega Backdoor Roth IRA - 308

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

🗓️ 12 January 2021

⏱️ 45 minutes

🔗️ Recording | iTunes | RSS

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Summary

Backdoor Roth IRA withdrawal rules and the mechanics of the mega backdoor (dump truck!) Roth. Can you still contribute to a Roth after a rollover? How do you calculate Roth conversion taxes due to the pro-rata rule? Also, calculating a long retirement number or by age, a radical portfolio rebalance, why basis, gains, and losses are tracked, and donating stock upon death. Plus, does your financial advisor’s location matter? Transcript, financial resources, ask your money questions: https://bit.ly/YMYW-308

Transcript

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0:00.0	Today on Your Money, Your Wealth podcast number 308, the fellows are pulled back into talking about
0:05.6	Roth conversions, specifically the backdoor Roth IRA. It's withdrawal rules for David and the mechanics
0:11.7	of the mega backdoor Rob or dump truck Rob for Eric. Plus, can Jim still contribute to a Roth even though
0:18.5	he did a rollover? How does Johnny G. calculate Roth conversion
0:21.6	taxes due to the pro rata rule? Also calculating retirement numbers for a long retirement or by age
0:27.7	for Mick and Will and a radical portfolio rebalance for Craig's dad. Plus the fellas explained
0:33.7	for Perry in Jersey why basis, gains, and losses are tracked.
0:40.8	Finally, how much does your financial advisor's location matter?
0:45.5	The fellows answer that question for Tom in Chicago, along with a discussion about donating stock upon death.
0:47.0	I'm producer Andy Last, and here are the hosts of Your Money, Your Wealth, Joe Anderson,
0:51.8	CFP, and Big Al Clopine CPA.
0:55.1	David writes in, Alan.
0:56.5	Ha-ha.
0:57.7	I always love when Joe trips up on the emails.
1:03.0	That's never happened.
1:05.3	I'm the yo.
1:07.2	The years old guy, remember that?
1:09.2	Yeah, David.
1:10.4	Joe was right.
1:11.9	I know it was right.
1:13.1	I don't know what I'm right about.
1:14.9	That yo met years old.
	...

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