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In this video, I'm going to talk about what a Roth IRA is and why it's a tax loophole plus a detailed walk-through on how to set it up in less than 5 minutes at the Charles Schwab brokerage. I'm also going to explain some pitfalls you should avoid during the set-up process including tax form 8606,...
Lecture Content This lecture covers the reporting of income from retirement plans, education accounts and social security income. Topics Covered * Overview of Form 5498 IRA Contribution Information * Discussion of Form 1099R and distributions codes * Use of Form W4-P Withholding Certificate for...
The Backdoor Roth IRA conversion is a popular mechanism for wealthy taxpayers to make contributions to their Roth IRAs. Here is another video on how to calculate nontaxable distributions from a Traditional IRA using Form 8606: Jason’s Page: Knott PLLC: Need more help? Schedule a Consultation:...
This video details how distributions from traditional IRAs are reported on the tax return, including computing the taxable amount of a distribution that has had non-deductible contributions in the past. To view the first episode of IRA 101, click here: To learn more about what is reported on a...
The video takes you step-by-step through the details of making a backdoor Roth IRA contribution using Vanguard. Follow me as I make every click, and explain what I am doing! A backdoor Roth IRA is when you contribute non-deductible contributions to a traditional IRA, then convert it to a Roth IRA....
