Tax Brackets Explained: How Much Are You Really Paying in Taxes? - 266

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

🗓️ 24 March 2020

⏱️ 54 minutes

🔗️ Recording | iTunes | RSS

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Summary

If you’re in the 22% tax bracket, does 22% of what you make go to the IRS? How does capital gains tax work with ordinary income tax? Joe & Big Al explain how tax brackets work and answer your Roth contribution and Roth conversion questions: like what's the point of a Roth conversion if you're just leaving the money to your kids? Plus some Mega Backdoor Roth talk and spousal contributions. Send in money questions, read the transcript & access free financial resources in the show notes: http://bit.ly/YMYW-265

Transcript

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0:00.0	Until further notice, we're sheltering in place here in California thanks to the COVID-19 coronavirus.
0:06.2	Luckily, we've got answers to lots of your questions that we were able to record before all hell broke loose.
0:11.7	So today on Your Money, Your Wealth, Steve in San Diego, Colin your Hyundai-A-Lontra,
0:16.4	Shea in New York, David in Chicago, Chris in Texas, Margaret in Virginia, and Tennessee, Dave, and
0:21.1	Sunil, your questions are being answered in this episode, and we're talking taxes.
0:26.1	If you're in the 22% tax bracket, does 22% of what you make go to the IRS?
0:31.6	How does capital gains tax work with the ordinary income tax? After that, it's all Roth
0:36.3	conversions and contributions,
0:38.1	and we'll wrap it up with a question about taxes and penalties
0:40.8	if you take the $529 money and run.
0:43.8	I'm producer Andy Lash.
0:45.0	We've got no Steve Miller here,
0:46.5	but we do have the hosts of Your Money, Your Wealth,
0:48.8	Joe Anderson, CFP, and Big Al Clopine CPA.
0:52.4	We got Steve, he writes in from San Diego.
0:56.0	Hi, Joe, and Al and Andy.
0:59.2	Did you put that in, Andy?
1:00.6	Nope.
1:01.4	Steve does that because you say that every time.
1:04.1	What, that you put it in parentheses?
1:06.3	He adds it so that I get, I get kudos.
1:09.1	Oh, I got it.
	...

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