Self employed, independent contractors or small business owners may be able to qualify for a Roth IRA and Roth 401k maximizer strategy to get more into your Roth accounts. The best part is that you can avoid the Roth conversion Pro Rata rule in paying additional taxes on the IRA taxes that usually get converted along with the non-deductible contributions.
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Good theoretical info Travis. Could you pls make a demo video how to setup these retirement plans so that I can
walk with you.
Maybe you can help me… I contributed to a roth IRA and i have a workplace 401k. I made with selling of stocks over what is allowed to put money into a roth ,but i did contribute to one durring the year. Can I move this to a traditional ira and then take it as a tax deduction. Subscribed…thankx for any help.
A lot of kids in my community are over 18 and live with their parents. Publication 501 states the standard deduction for Other Dependent for $1100, in Table 8 which never spells clearly on which line# on Form 1040 should be reported. Can you help? Try to call IRS direct line – busy and no luck!
Great video, Travis! Yes, you must keep in mind the pro-rata rule for conversions BUT NOT for an IRA rollover into a 401(k) (no pro-rata rule for those)