Tax Strategies, Backdoor Roth, Buy vs. Rent - 464

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

🗓️ 16 January 2024

⏱️ 55 minutes

🔗️ Recording | iTunes | RSS

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Summary

It’s a voice message extravaganza as Joe and Big Al talk about tax gain harvesting on Dante in New York’s daughter’s custodial account, and the tax impacts of Leon in Chicago investing in his brokerage account. The fellas also spitball on whether Michelle in San Diego, en route to San Francisco, should buy or rent in her 60’s, the mega backdoor Roth and the pro rata rule for Sean and his cichlids in Winter Springs, Florida, and whether Jason in NOLA can do the backdoor after recharacterizing his contribution. Plus, should Kevin in Ohio make like the Steve Miller Band and "take the (pension) money and run"? Can Scott in Colorado make like Johnny Paycheck and "take his job and shove it" when it’s time for the rule of 55? And should Suzi and Peter consider long term care insurance and protecting their assets with an irrevocable trust?

Access this week's free financial resources and the episode transcript in the podcast show notes at https://bit.ly/ymyw-464

Timestamps:

01:07 - Custodial Account Tax Gain Harvesting: Reported on My Daughter’s Taxes or Mine? (Dante, NY - voice)
05:17 - Tax Impacts of Investing in a Brokerage Account? (Leon, Chicago - voice)
10:50 - Three (okay, four) ways you make YMYW the show that it is
Ask Joe & Big Al On Air for your Retirement Spitball Analysis
12:28 - Is it Better to Buy or Rent in My 60s? (Michelle, San Diego - voice)
19:50 - Mega Backdoor Roth & the Pro-Rata Rule (Sean, Winter Springs, FL - voice)
26:56 - Should I Take the (Pension) Money and Run? (Kevin, OH - voice)
32:13 - Money Makeover Guide - limited time special offer - download by this Friday!
Complete Money Makeover - How to Do a Financial Facelift - YMYW TV
33:08 - Should We Consider Long Term Care Insurance and Protecting Our Assets with an Irrevocable Trust? (Suzi & Peter, San Diego)
39:23 - Can I Do a Backdoor Roth After a Re-characterization? (Jason, NOLA)
43:42 - Spitball My Early Retirement Plan & the Rule of 55 (Scott, CO)
52:29 - The Derails

Transcript

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0:00.0	It is a voice message extravaganza today on Your Money, Your Wealth podcast number 464.
0:06.2	Now that we're all finally back from the holidays and Hawaiian golf tournaments,
0:10.5	Joe and Bigel are back behind the microphones to talk about tax gain harvesting
0:14.4	on Dante in New York's daughter's custodial account and the tax impacts of Leon and Chicago
0:20.4	investing in his brokerage account.
0:22.7	The fellas also spitball on whether Michelle in San Diego in route to San Francisco should
0:27.9	buy or rent in her 60s. The mega backdoor Roth and the pro rattle rule for Sean and his sick lids
0:33.9	in Winter Springs, Florida, and whether Jason in Nola can do the backdoor after
0:38.3	recharacterizing his contribution.
0:40.3	Plus, should Kevin in Ohio make like Steve Miller and take the pension money and run?
0:45.3	Can Scott and Colorado make like Johnny Paycheck and take his job and shove it when it's time for the rule of 55?
0:51.3	And should Susie and Peter consider long-term care insurance and protecting their
0:55.8	assets with an irrevocable trust? I'm producer Andy Last and here are the hosts of your money,
1:01.5	your wealth, Joe Anderson, CFP, and Big Al-Clo Pine CPA. Happy New Year, everyone. We're back on it.
1:09.5	Got a big laundry list here. 50 pages or so of
1:13.9	emails that we'll bus through here in the next few weeks, but let's get started here.
1:18.8	Hey, Joe and Bigel. This is Dante from New York. I had a tax gains harvesting question.
1:24.3	My daughter, who is 19 years old and is a college student in Illinois, was gifted,
1:30.0	highly appreciated apple stock from her grandmother a couple of years ago. This is sitting in a
1:34.8	custodial account at Schwab, and that account is in my daughter's name and social security number.
1:40.1	This past year, she made about $8,000 in earned income, and the value of that apple stock is $30,000, with a really low cost basis of around $2 per share.
1:50.0	So what I'd like to do is sell all that apple stock and then buy it back immediately in order to reset the cost basis.
	...

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