WCI #316: Roth Contributions and Conversions
White Coat Investor Podcast
Dr. Jim Dahle of the White Coat Investor
4.8 • 2.4K Ratings
🗓️ 25 May 2023
⏱️ 37 minutes
🧾️ Download transcript
Summary
We have continued to get a lot of your questions about all things Roth so we are dedicating another episode to your Roth questions. We answer questions about SEP IRA conversions, Roth IRA contributions, Roth contributions in a 401(k) vs. a backdoor Roth, Mega Backdoor Roth questions, how taxes affect Roth conversions and more!
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Transcript
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| 0:00.0 | This is the White Coat Investor Podcast, where we help those who wear the White Coat get a fair |
| 0:04.8 | shake on Wall Street. We've been helping doctors and other high-income professionals stop doing |
| 0:09.6 | dumb things with their money since 2011. |
| 0:16.1 | It's a White Coat Investor Podcast number 316. |
| 0:19.7 | Today's episode is brought to us by SoFi. Right now, qualifying medical professionals can |
| 0:24.3 | refinance their private student loans with an up to 1% rate discount. |
| 0:28.2 | So the resident, the SoFi Student Loan Refinancing, you could pay just $100 a month during |
| 0:32.4 | your residency. And this is SoFi member you'll have access to a powerful set of tools, |
| 0:36.2 | education, even financial planners to help you not only save money, but help you get on the road |
| 0:40.6 | to financial freedom. Check out their payment plans and interest rates, SoFi.com slash White Coat |
| 0:45.7 | Investor. SoFi student loans are originated by SoFi Bank and a member FDIC, |
| 0:50.9 | additional terms and conditions may apply, NMLS 696891. |
| 0:56.7 | All right, if you're watching this on YouTube, I'm wearing a tie. Yeah, I'm all dressed up. |
| 1:00.8 | I'm actually recording this on about Tax Day, April 17th. I know it's not going to run for a while, |
| 1:07.1 | but I had a presentation with University of South Florida students today. So I got to put |
| 1:12.3 | on a tie for them. I've just left it on while recording podcasts. So if you're wondering why I'm |
| 1:16.7 | dressed up, that's the reason why. All right, Roth. Who is Roth anyway? Roth is William. |
| 1:25.0 | He was a senator. And in 1997, somehow managed to get his name on a piece of legislation |
| 1:31.9 | that introduced the Roth IRA. And so it's not an acronym. It's somebody's name, ROTH. |
| 1:40.0 | That's where it comes from. Subsequently, a few years later, I think it's about 10 years later, |
| 1:45.5 | you started being able to have Roth 401Ks and 403Bs. And all Roth means is, |
| 1:51.4 | is tax-free. And you put after tax money, money that's already been taxed into the account. |
... |
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