Your Money, Your Wealth

Answering questions from across the personal finance spectrum: inherited IRAs and late RMDs, contributing to non-qualified deferred compensation plans, making Roth contributions for grandkids, how a Roth impacts student loans, taxation on ESPPs and RSUs, paying off the mortgage, and retirement plan spitball analysis for a clergyman and his wife, and for a couple with a profitable side hustle. Access the transcript and financial resources, ask your money questions: https://bit.ly/YMYW-309

Backdoor Roth IRA withdrawal rules and the mechanics of the mega backdoor (dump truck!) Roth. Can you still contribute to a Roth after a rollover? How do you calculate Roth conversion taxes due to the pro-rata rule? Also, calculating a long retirement number or by age, a radical portfolio rebalance, why basis, gains, and losses are tracked, and donating stock upon death. Plus, does your financial advisor's location matter? Transcript, financial resources, ask your money questions: https://bit.ly/YMYW-308

In this first YMYW episode of 2021, Joe and Big Al go over estate planning strategies for CFP® candidate/Redditor Nate in SC, they do a spitball analysis for John in TN who wants to retire early, a retirement withdrawal and 529 plan strategy for Ace in TX, and a breakdown of pension options for James in AZ - after Big Al figures out how to work his HP12C financial calculator. Access the transcript and financial resources, ask your money questions: https://bit.ly/YMYW-307

Wrapping up the longest year in history with means testing for Social Security, healthcare when one spouse is on Medicare, and how Roth IRA conversions affect Social Security & Medicare costs. Plus, can you avoid capital gains when selling rental real estate? Should you pay off the mortgage on your rental property or keep investing? Is it a good idea to put a home equity line of credit (HELOC) on an investment property? Access the transcript, financial resources, ask money questions: https://bit.ly/YMYW-306

'Twas the Tuesday before Christmas and all through YMYW, Joe and Big Al's stockings were stuffed with your money questions: which strategy do they like best for retirement portfolio withdrawal? Plus, early retirement: calculating taxes correctly for it and dollar-cost averaging for it. Also, spreading SIPC risk, understanding the discrepancy in basis on a limited partnership, tax advantages of a health savings account (HSA), and some vehement listener comments on our discussion of paying off the mortgage from podcast #302. Access the transcript & financial resources, ask your money questions: https://bit.ly/YMYW-305

A final look at the CARES Act COVID-19 stimulus package, Coronavirus related distributions, and whether they affect your 2020 taxes. Plus, action items to pay less tax in 2020, like Roth conversions, tax gain and tax-loss harvesting, and charitable giving strategies. Also, when to do Roth contributions, how much of your portfolio should be in Roth accounts, and if you can lower your taxes from swing trading. Access the transcript & financial resources, ask your money questions: https://bit.ly/YMYW-304

There are taxable, tax-deferred, and tax-free accounts, and the proper balance of investments in each is called tax diversification. Are you tax diversified enough? Plus, how do capital gains and ordinary income work again? Should you contribute to traditional 401(k) or IRA, or to Roth? What can you do about excess contributions to your Roth IRA? And to mix it up, are municipal bonds a good idea for conservative investors? Access the transcript and financial resources, ask your money questions: https://bit.ly/YMYW-303

Paying off your mortgage? First, think of your investing and tax strategy. And, if you max out retirement and health savings accounts and own real estate, how else can you save? (Hint: brokerage account.) Should self-employed small business owners contribute to a Solo 401(k) or Traditional IRA? Solo Roth 401(k), or Solo 401(k) to Roth conversion? Finally, Medicare, HSA, capital gains, and modified adjusted gross income (MAGI). Access transcript, financial resources, and send in your money questions: https://bit.ly/YMYW-302

Should you borrow money to pay the tax on a Roth IRA conversion? Should you do a Roth conversion or capture non-qualified long term capital gains? How will Social Security benefits affect taxes after a backdoor Roth IRA conversion? Should a highly compensated employee use the mega backdoor Roth strategy? Are the tax savings on a conversion worth it? Plus the fellas explain the pro-rata rule - again. Access the episode transcript and financial resources, and send in your money questions: https://bit.ly/YMYW-301

Joe and Big Al have been making retirement planning, investing, and tax reduction fun for years on the YMYW podcast. We're celebrating 300 episodes with just the funny stuff: great email intros, some of our funniest Derails, a couple never-before-heard outtakes, hilarious moments from our interviews with Dr. Daniel Crosby and Professor Jamie Hopkins, and the infamous story of Will and his free gasoline. Access the episode transcript and financial resources, and send in your money questions: https://bit.ly/YMYW-300