When is the Tax Deadline for a Roth Conversion? - 260

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

🗓️ 11 February 2020

⏱️ 42 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

As Tax Day approaches, you've got taxes on your mind. When do you have to pay the tax on your Roth IRA conversion? Is converting beyond the current tax bracket ever recommended? Plus, answers to more of your SECURE Act retirement questions on IRA contributions and inherited IRAs and other assets, and Roth conversion and Backdoor Roth strategies for self-employed small business owners with Solo 401(k)s and SIMPLE-IRAs. Ask money questions, read the transcript & access free financial resources: http://bit.ly/YMYW-260

Transcript

Click on a timestamp to play from that location

0:00.0	Today on your money, your wealth, we're all thinking about paying taxes, as April 15th draws near,
0:05.5	so when is the tax due on your raw conversion? Is it ever a good idea to convert beyond your current
0:11.3	tax bracket? And the fellas answer more of your Secure Act questions. What happens when there's no
0:16.6	named IRA beneficiary? Does anything change if you're currently taking RMDs from an inherited
0:21.6	stretch IRA? And what's the deal with tax deductible IRA contributions? Plus, Joe and Bigel have
0:27.4	some backdoor and Roth conversion strategies for our self-employed friends. I'm producer Andy Last,
0:32.8	and we're in for a hip-shaken good time today with Joe Anderson, CFP, and Big Al Clopine CPA.
0:39.7	We got Jim from Santa Cruz, writes in.
0:42.2	Happy New Year to Andy Joe and Big Al.
0:44.7	Your show is consistently awesome.
0:47.9	Thanks, Jim.
0:49.3	I'm 59 years old, W-2 employee.
0:51.5	My wife is self-employed.
0:52.8	We plan to retire nine years and are expecting
0:55.5	higher tax rate in retirement. So we did our first Roth conversion in December 2019 and we'll
1:02.2	be making maximum future conversions each year. Maximum equals largest amount possible while
1:07.4	being able to pay the resulting taxes. All right, that's an interesting way to look at it.
1:12.6	I like it.
1:13.6	Some people think of it that way.
1:15.6	Federal taxes are withheld from my paycheck.
1:17.6	My wife makes quarterly estimated payments.
1:19.6	My question, if I make a $20,000 Roth conversion on March 1st, 2020, are the resulting taxes due with my April 2020 Q1-104 estimated payment?
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Your Money, Your Wealth, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Your Money, Your Wealth and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.