With the plans to spend trillions of dollars, politicians are scrambling to find ways to implement new taxes for the appearance of paying for the bills. One of the proposed solutions to increase tax revenue was to eliminate the backdoor and mega backdoor roth contribution. Now that their elimination is out, it’s a good time to take advantage of these tax-saving strategies before it’s too late.
iTrustCapital ($100 Bitcoin Sign-Up Bonus)
Rocket Dollar (Alternative Investment IRA)
Join Me at Market Disruptors Live in November!
My Courses and Guides🍎🍎
💰My Options Course (Beginners)
💵My Options Course (Advanced)
🔑My Ultimate Guide on How to Buy Gold
📝My Weekly Newsletter
Gold and Silver🔥🔥
📱Buy Gold/Silver Bullion
🔒Store Allocated Gold/Silver (Get $5)
🪙Gold/Silver IRA (Get $100 of BTC)
Bitcoin 💎💎
🔐Best Bitcoin IRA (Get $100 of BTC)
🦢Best Place to Buy Bitcoin (Get $10 of BTC)
🏪Best Bitcoin Exchange
📟Best Bitcoin Wallet
Stocks💰💰
💹Best charts (Get $30)
📈Best all-around
📊Best auto investing
📉Best margin rates
Invest in Startups (not publicly traded) 💵 💵
📊Republic
🌱SeedInvest
👼Angel List
Real Estate 🚀🚀
🏠Single-Family Rentals
🏚Borrow for RE Development
🏡 Invest in High-Yield RE Debt
🏘RE Portfolio Investing
Misc ⚖️⚖️
🪜Life Insurance
🏥Short-Term Health Insurance
🎓College Savings Plan
📖Book Insights and Summaries
💻Learn to Code
🍎Skillshare
🏦 Small Business Bank Account
My Trading/Investing Gear🛠🛠
🖥Thunderbolt Monitor
💻M1 MacBook Pro
📶Best WiFi Router
🔊Speakers
📲M1 iPad Pro 12.9inch
⌨️iPad Magic Keyboard
✏️Apple Pencil
📚Incerto
Support the Channel💪🏼💪🏼
💸Patreon
☕️Merch
🤝Join as Member
I am not a CPA, attorney, or licensed financial advisor and the information in these videos shall not be construed as tax, legal, or financial advice from a qualified perspective. Linked items may create a financial benefit for Heresy Financial.
#ira #roth #loopholes…(read more)
LEARN MORE ABOUT: IRA Accounts
CONVERT IRA TO GOLD: Gold IRA Account
CONVERT IRA TO SILVER: Silver IRA Account
REVEALED: Best Gold Backed IRA
Bet you can make more investing yourself in a diversified range of stocks because you can put in or out unrestricted, no rules are a huge advantage. Besides having an investor do it he puts you in traps that leach you dry, also with fees.
How the hell is it that this "fixes" the problem of Peter Thiel? Screw the middle class to keep "the rich" from abusing the system? I couldn't afford to contribute to a Roth when I was younger, then made too much to contribute. Now that I can afford it in late middle age and work for a company that allows mega backdoor Roth… it's being taken away? WTactualF?! Put in the cap of $10M or even $5M and leave everything else the same. These "representatives" are traitors to actual citizens….I had about $4k in my Roth before this job, but because Peter Thiel abused the system to get $4 billion into his….now I'm screwed? Screw you Democrats….if I'm going to get bent over the barrel then I'll be voting Republican…. neither of you actually represents the best interests of Americans so I might as well vote for the one most likely to leave me TF alone
Looks like the backdoor option is being eliminated in the bill again (passed the House, needs to pass the Senate, if it does, it will be included. should know before Christmas)
@Heresy Financial I think you need update the video because the Mega Backdoor Roth and Backdoor Roth conversions are back on the table for the BBB bill.
Can anyone tell me if a 457 account is eligible to roll into a Roth IRA?
I've always liked this channel. No bullshit or sugar coating. It is straight to the point.
And… it seems like these measures are back in again, as of yesterday. No after-tax contributions and no Roth conversions from after-tax after 2021.
Ironically, the IRS also just announced higher limits for 401k in 2022, but without an unrealistic employer matching plan there’s no way to hit it without after-tax contributions.
Plus, a never-mentioned restriction… if you make too much, you already can’t deduct IRA contributions. Meaning after-tax was the only possible IRA contribution – now not allowed, meaning highly compensated folks can’t do IRAs at all. Hope they have a 401k!
I've been watching your videos from the get go, been doing great so far but now I need your brain lol!! The Challenge is to grow a million dollars worth of portfolio, any idea on stocks that would 3x in short term, so I get in early on them.
Get it in the ground before the rain comes down to get paid , the girl , and the 4 wheel drive
Thank You.
<<I will always let anyone know to forget predictions and start making good profit now because future valuations are all speculations and guesses.The market is very unstable and you can't tell if it's going bearish or bullish.While myself and others are tradn without fear of making a loss others are being patient for the price to skyrocket. It all depends on the pattern you follow.I was able to make 17.54 bTC in just September from implementin tradess with tips and info from John Jirak…
It’s insane to me that the IRS actually just sits around going, “hey how can we steal more from hardworking people?”
If you work for the gov, you can contribute $19,500/yr in a ROTH TSP (thrift savings plan). It’s like a 401k with no taxes on the back end
With hyperinflation, one is probably better off pulling their investment early and paying whatever amount in taxes and penalties in order to use that cash to buy silver (or gold), and hiding it from the government's view.
The market is growing daily with new strategies and trading opportunities. Financial empowerment is our everyday chase and Mrs Julia Axel has proven to be a part of this mission. her strategy is the best.
is there one like that in Canada?
They’re going to tax Roth’s in the future too. They’ll never stop, they’ll tax the people into oblivion.
I can't even listen to @meetkevin anymore after watching these videos. If his videos hadn't helped with my EIDL loan I'd already be unsubscribed. Get much better financial education here
Crooks.All Crooks.
Suggestion, Internet search governments that have confiscated retirement accounts..
Thanks for the explanation. Unfortunately, I run into the highly compensated employee rules and cannot contribute more to my company 401(k) even if I wanted to. If I over-contribute they just send it back to me.
This is the best explanation I’ve ever heard of!!! Thanks
You'd have to terminate your employment if 401k is with current employer, would you not?
Not one of the worst tax benefits the wealthy get. I am all for going after obscenely rich people that use tax loopholes to pay next to nothing in taxes but this particular one seems to have a cap on how beneficial it could be for a person right? I mean the max you can put in per year is 58,000 and the only tax you are losing is tax on the growth right?
This isn't one of those loopholes that allows billionaires to make more billions while paying almost nothing in taxes right?
Modern man is not the man who goes off to discover himself, his secrets, and his hidden truth; he is a man who tries to invest himself in something beneficial for the future
Roth IRA is a scam, the USA isn't going to exist when I am 59 1/2 and if it does you know the Roth IRA will have been raided by the eat the rich people. Cashed mine out, paid the penalty on the gains. #EndTheFed
Solana ❤️
The very fact you have to worry about a tax loophole surviving should tell you there is another problem much larger you are missing.
Does this work with a SEP IRA?
Never even new they existed. I have a Roth but would love to put more in so it is tax free when I hit 59 if I live that long.
Traditional IRA is tax deferred until withdrawn. Roth is not taxed upon withrawl.
Brits get £20,000 into a tax privileged account from taxed income, tax free on the way out (an ISA) and another £40,000 into a pension, tax relief on the way in, but taxed on the way out. But often it's 40% relief on the way in, and 20% on the way out, with zero on the first £12,500. And the pension doesn't count towards your estate for inheritance. Pretty generous.
I actually knew of the mega back door Roth but had never heard it called that. I was planning to take advantage of it in my small business once all of my debt is paid off.
Basically the most concise explanation of traditional & Roth iras I've yet to hear. Thanks!
very well done video thank you!
I still think the catch up provision is age discrimination and should be illegal.
I understand why it exists because poor old people are sad, but it’s still age discrimination and should be illegal.
Well, huh! I had no idea! I had given up on a Roth IRA because I'm making too much in crypto to contribute now. But this changes everything. Roth IRA here I come!!
I'm convinced ROTH IRAs are going to be tax disadvantaged. Taxes are going up so paying the tax later is going to be a big mistake for most. The loophole is still there to entice people into putting their money in an even more illiquid vehicle. Withdrawing is going to be extremely painful so nobody is going to want to withdraw. That's how Venezuela's stock market skyrocketed in nominal terms. Nobody could get out. They trap you in using taxes and withdrawal fees, or even withdrawal limits so low you can never get it all. Then they kick the stool out from underneath your feet by debasing the currency. This is how wealth becomes redistributed during resets.
Wow, this was a million dollar video.
Some of my college friends since I introduced them to cryptocurrency back in 2016-2017 or now self-made millionaires. I did not buy crypto in 2016 to 2017 because I didn't practice what I teach but now I am buying crypto and I should be a multi-millionaire by 20:30 or sooner. But I do believe by 2030 regulation will come in and the age of becoming a millionaire and billionaire overnight are over
Joe Brown, what a perfect subject to highlight which is the massive loopholes there are connected to these sham "tax the wealthy" proposals. Even if some sort of tax on the rich is included in this initial spending bill or bills, it will all be negated in subsequent bills later on. It is all a great big sham with the upper echelon of our political leadership being well aware that monetizing is the way most and eventually all of our federal expenditures will be met. Our federal income tax system is defunct and will never, can never be revived.
Obviously the politicians will benefit by dropping this legislation. It was a way for them to negotiate away something the did not want in the first place. They look like they have compromised and get to keep a part of the legislation that hurts the common taxpayers. Pretty Slick. Same with the billionaire wealth tax. Did anyone think the politicians were going to punish their biggest donors ?
Dude you're solid! Thanks
Excellent clear analysis and advice – thank you.
Investing in crypto now should be in every wise individuals list, in some months time you'll be ecstatic with the decision you made today.
Good. We need a lower the burden of government on the economy.
Good video man !