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: https://bizlink.to/ymyw-349
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: https://purefinancial.com/lp/free-assessment/?utm_source=youtube.com&utm_medium=podcast&utm_campaign=YMYW
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)
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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.
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.
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