Your Money, Your Wealth

How do you report a backdoor Roth IRA conversion over two tax years, and is there a point at which the backdoor Roth doesn't make sense? Plus, more strategizing for your Coronavirus related distribution, stimulus (and possible future stimulus) tax planning, and your self-employed, small business retirement plans. And finally, listener comments. Fill out the podcast survey for a chance to win a $100 Amazon e-gift card, send in money questions, and access the transcript and free financial resources: https://bit.ly/YMYW-289

The YMYW Retirement Plan Spitball Analysis was so popular that it's time for part 2! Where do Roth IRA conversions, primary residences, and rental real estate investment properties fit in your retirement plan? How much Social Security is taxed, and will taking your pension lump sum before Social Security impact your taxes? Fill out the podcast survey for a chance to win a $100 Amazon e-gift card, send in money questions, and access the transcript and free financial resources: https://bit.ly/YMYW-288

Tax planning for Roth IRA conversions with itemized deductions, dividends, and long term capital gains, a Roth conversion vs. investing a 401(k) distribution in your Roth, separating pre-tax and post-tax money for a rollover, and gong baths. Plus, is a 3 year fixed annuity a safe place to earn more than 20 basis points? What should you do if you're stuck in an annuity you don't want? Send in questions, access free financial resources, and sign up for the August 26 YMYW live webinar: https://bit.ly/YMYW-287

Investing strategies for dividend-paying stocks and how the pro-rata rule for Roth conversions work with dividends. Plus, Wealthfront, M1, Paul Merriman? Should young investors use a robo-advisor or pay for financial advice? Also, thoughts on a Vanguard retirement portfolio and ideas for self-employed small business owners to save money in retirement plans like SEP IRA, SIMPLE IRA, and Solo 401(k). Send in money questions and access the episode transcript and free financial resources: https://bit.ly/YMYW-286

With CARES Act provisions expiring, Joe & Big Al recap the two new stimulus bills - the HEALS Act and the HEROES Act - now being negotiated in Congress. Plus, estate planning considerations when it comes to required minimum distributions (RMDs) for non-designated and designated beneficiaries. And, the 403(b) escape hatch, Social Security, records of estimated tax payments, and assets on the FAFSA form. Send questions and access the transcript and free resources in the show notes: https://bit.ly/YMYW-285

Joe and Big Al spitball retirement plan considerations, including:

- investing in brokerage and Roth instead of pre-tax - getting tax diversification - pension lump sum or annuity - paying for education - calculating a retirement number to put savings on autopilot

Plus, what life insurance "investment" has a "guaranteed" 10% return? Do dividend paying stocks have a higher rate of return than VTSAX? Should individual stocks go in a taxable account?

Send in money questions and access the episode transcript and free financial resources in the podcast show notes: https://bit.ly/YMYW-284

Should you tax gain harvest or do a Roth IRA conversion? Should active or passive investments go in retirement accounts? If you're on the younger side, why own bonds? Are Vanguard Roth accounts any better or worse than others? What's the break even on taking Social Security early vs. late? Should you convert your 401(k) or retirement account to Roth all at once? Send in money questions and access the episode transcript and free financial resources in the podcast show notes: https://bit.ly/YMYW-283

Do you have to transfer from a 401(k) to a traditional IRA before you do a Roth IRA conversion? Does the pro-rata rule apply? Also, the logistics of paying the tax on a Roth conversion. Plus, stimulus package updates around paycheck protection program loans, required minimum distributions and Coronavirus-related distributions from retirement accounts. Send in money questions, access the episode transcript and free financial resources, and sign up for a free tax reduction analysis: https://bit.ly/YMYW-282

What impact do ex-spouses, income, and early retirement have on collecting your Social Security benefits? Plus, indexed universal life insurance, estate planning with a step-up in basis on private placement real estate, and more on CRDs, RMDs, and stimulus checks. Joe and Big Al also submit their forecasts for whether Congress might tax Roth IRA growth in the future. Send in money questions and access the episode transcript and free financial resources in the podcast show notes: https://bit.ly/YMYW-281

Joe and Big Al take a look at an investing strategy a listener set up for his parents, and they run the numbers on their variable annuity. They also kick the tires on an early retirement plan and they discuss equity allocations in a portfolio. And since no YMYW is complete without some Roth talk, how might Roth contributions for grandkids affect college financial aid? Send in money questions and access the episode transcript and free financial resources in the podcast show notes: https://bit.ly/YMYW-280