How can you reduce taxes, IRMAA, net investment income tax, and required minimum distributions when you’ve got too much money in your tax-deferred retirement account (traditional IRA) - and just how much Roth conversion should you do? That’s today on Your Money, Your Wealth® podcast 423 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, can you contribute to a Roth by transferring stocks “in kind”? If the check you send off to pay your estimated taxes isn’t cashed before the deadline is it late? How does SECURE 2.0 impact 529 plans, and is 529 better than Roth IRA for college savings? Finally, the fellas spitball a 401(k) in-plan Roth conversion and retirement account consolidation strategy. Podcast show notes, free financial resources, episode transcript: bit.ly/ymyw-423
00:00 - Intro
00:48 - We Have Too Much in Traditional IRA. How's Our Roth Conversion Plan? (Kelly, Idaho)
10:17 - Download the Tax Takedown Guide: purefinancial.com/white-paper...
Watch YMYW TV: Tax Takedown: purefinancial.com/ymyw/episod...
10:54 - Can I Make a Roth IRA Contribution by Transferring Stocks “In Kind”? (GDO, Delco)
14:36 - How to Pay Estimated Taxes: If My Check Isn’t Cashed Immediately, Is It Late? (Judi, San Diego)
16:15 - Download the 2023 Tax Planning Guide: purefinancial.com/white-paper...
16:51 - 529 Plan vs. Roth IRA: Does SECURE 2.0 Affect 529 College Savings? (George)
20:49 - 401(k) In-Plan Roth Conversion and Retirement Account Consolidation (Steve, Maine)
27:07 - The Derails
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CFP® - The CERTIFIED FINANCIAL PLANNER™ certification is by the Certified Financial Planner Board of Standards, Inc. To attain the right to use the CFP® designation, an individual must satisfactorily fulfill education, experience and ethics requirements as well as pass a comprehensive exam. Thirty hours of continuing education is required every two years to maintain the designation.
CPA - Certified Public Accountant is a license set by the American Institute of Certified Public Accountants and administered by the National Association of State Boards of Accountancy. Eligibility to sit for the Uniform CPA Exam is determined by individual State Boards of Accountancy. Typically, the requirement is a U.S. bachelor’s degree which includes a minimum number of qualifying credit hours in accounting and business administration with an additional one-year study. All CPA candidates must pass the Uniform CPA Examination to qualify for a CPA certificate and license (i.e., permit to practice) to practice public accounting. CPAs are required to take continuing education courses to renew their license, and most states require CPAs to complete an ethics course during every renewal period.