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Did you know pulling money out of your retirement account is NOT the same as taking a distribution? Depending on what happens and what you NEED your retirement account funds for, your tax hit could drop from 39% to as low as 0%! From disaster relief to first-time home buyers and even college expenses there are many exemptions that allow you to take money out of your retirement accounts potentially tax-FREE and PENALTY free!!
Derreck, the “Tax Nerd” from Quest Financial returns (see Episode 15) to drop several knowledge bombs about the retirement account world.
Helpful Resources:
IRS Pub 590-B
72(t)
5498 Form and 8606 Form
NIA tax
Fidelity – which I personally use for my Roth IRA
Secure Act 2.0
Connect with Derreck
855-FUN-IRAS (855-386-4787)
Quest Trust
Show Sponsors
Specialized Trust
Lightbulb Podcasting
Stay connected with Wealth and Freedom Nexus!
YouTube
www.wealthandfreedomnexus.com
As always, be sure to follow, subscribe, rate and share this podcast with other like-minded individuals who are in pursuit of wealth and freedom!
Support the show
👍 LIKE THE SHOW? 👍
Show your support, subscribe, become a Patreon or buy me a coffee ☕
STAY CONNECTED!
📷 Instagram
🕊️ Twitter
🎥YouTube
🔗Website
As always, be sure to follow 🫵, subscribe 🔔, rate 🌟 and share 👆this podcast with other like-minded individuals in pursuit of WEALTH and FREEDOM!
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Want to support the show? Buy me a coffee or become a Patreon member!
Did you know pulling money out of your retirement account is NOT the same as taking a distribution? Depending on what happens and what you NEED your retirement account funds for, your tax hit could drop from 39% to as low as 0%! From disaster relief to first-time home buyers and even college expenses there are many exemptions that allow you to take money out of your retirement accounts potentially tax-FREE and PENALTY free!!
Derreck, the “Tax Nerd” from Quest Financial returns (see Episode 15) to drop several knowledge bombs about the retirement account world.
Helpful Resources:
IRS Pub 590-B
72(t)
5498 Form and 8606 Form
NIA tax
Fidelity – which I personally use for my Roth IRA
Secure Act 2.0
Connect with Derreck
855-FUN-IRAS (855-386-4787)
Quest Trust
Show Sponsors
Specialized Trust
Lightbulb Podcasting
Stay connected with Wealth and Freedom Nexus!
YouTube
www.wealthandfreedomnexus.com
As always, be sure to follow, subscribe, rate and share this podcast with other like-minded individuals who are in pursuit of wealth and freedom!
Support the show
👍 LIKE THE SHOW? 👍
Show your support, subscribe, become a Patreon or buy me a coffee ☕
STAY CONNECTED!
📷 Instagram
🕊️ Twitter
🎥YouTube
🔗Website
As always, be sure to follow 🫵, subscribe 🔔, rate 🌟 and share 👆this podcast with other like-minded individuals in pursuit of WEALTH and FREEDOM!