Retirement Planning

How to Pay the Tax on a Roth Conversion – Your Money, Your Wealth® podcast 349 [Video]

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How to Pay the Tax on a Roth Conversion – Your Money, Your Wealth® podcast 349

Today on Your Money, Your Wealth® podcast 349 with Joe Anderson, CFP® and Big Al Clopine, CPA, learn the basics of Roth IRA conversions, how to calculate tax on your Roth conversion tax, and when you need to pay the tax, and more. Plus, ideas for what to do with unused 529 plan education savings, rules for 401(a) accounts, explaining the alternative minimum tax, the latest tax proposals, calculating employer solo 401(k) contributions – and that’s just the tip of the iceberg. Visit the podcast how notes for free financial resources and to Ask Joe & Al your money questions:

00:00 – Intro
00:56 – Calculating Paying Roth Conversion Tax (Liza, San Diego)
10:32 – Paying Roth IRA Conversion Taxes (Tammy)
12:19 – Schedule a Free Financial Assessment:
13:10 – Backdoor Roth IRA Basis & Paying the Tax on a Roth Conversion (D, Irvine)
22:51 – Roth 401(k) Contribution Strategy (Jennifer, Philadelphia, PA)
32:02 – What Should I Do With Left Over 529 Money? (podcast survey)
34:05 – Are There Special Rules for 401(a) Plans? (podcast survey)
37:03 – Can You Have Too Much Money in Ally Bank-Like Accounts? (podcast survey)
38:20 – How Should I Calculate Employer Solo 401(k) Contributions When Income Varies? (podcast survey)
39:43 – Could Big Al Please Explain Alternative Minimum Tax (AMT)? (podcast survey)
41:19 – Any Tax Law Changes That Impact Retirement Income Strategies and Estate Plans? (podcast survey)
42:45 – Cryptocurrency Taxation: Treat Like Additional Income or Not Include It at All? (podcast survey)
44:48 – Does Income From Investments Affect My Tax Bracket for Roth Conversion Purposes? (podcast survey)

Schedule a free assessment with any one of our professionals, either online or at one of our financial planning offices in San Diego, Brea, Irvine, and Woodland Hills, California:

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• Investment Advisory and Financial Planning Services are offered through Pure Financial Advisors, Inc. A Registered Investment Advisor.
• Pure Financial Advisors Inc. does not offer tax or legal advice. Consult with their tax advisor or attorney regarding specific situations.
• Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance.
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• All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy.
• Intended for educational purposes only and are not intended as individualized advice or a guarantee that you will achieve a desired result. Before implementing any strategies discussed you should consult your tax and financial advisors.
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.
AIF® – Accredited Investment Fiduciary designation is administered by the Center for Fiduciary Studies fi360. To receive the AIF Designation, an individual must meet prerequisite criteria, complete a training program, and pass a comprehensive examination. Six hours of continuing education is required annually 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.

#RothConversion #RothIRAConversion #RetirementPlanning

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How to Avoid Tax Underpayment Penalties When Performing a Roth Conversion! [Video]

Do you have need experienced help optimizing and executing your Roth Conversion strategy? You can schedule an appointment with one of our Retirement Experts to look at your situation and help you plan for your future. Call us at (920) 544-0576 or go to Do you know you can't just wait until tax time in order to pay a balance you owe to the IRS? If you do, you may be subject to a tax underpayment penalty and have to pay future quarterly estimated taxes. Neither of which are very fun...Withholding the right amount for taxes is a problem throughout retirement but specifically is a problem that can arise with Roth Conversions. Roth Conversion taxes can be paid in numerous ways. From withholding taxes right out of the conversion to paying taxes from your checking or savings accounts. Regardless of how you pay taxes, the IRS will force you to pay those taxes at a specific time or face IRS penalties.In this video, we are going to clear up a hot button issue in regard to Roth Conversions - How to pay the right amount in taxes at the right timeWe will discuss: ✅ How to pay estimated taxes in order to avoid underpayment penalties✅ The way you withhold taxes will vary based on what source you are paying those taxes from✅ How to meet one of the three guidelines the IRS specifies you need to meet in order to avoid IRS penalties- - - - - - - - - - - - - - - - - - - - - - Always remember, "You Don't Need More Money; You Need a Better Plan"🍿 Subscribe to our channel:🏆 Join our 'Retirement Mastery' Facebook Group:📈 Talk with us about your retirement plan here:📚 The New 60/40: How the Next Generation of Retirees Can Achieve Radical Financial Freedom through Better Safe Investing - Wealth Management is a Registered Investment Advisor in the State of WI. Safeguard Wealth Management is not an insurance provider. All content on Youtube is for informational purposes only and should not be taken as personal advice for your situation. You can read more disclosures at