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Christine Benz: Hi, I'm Christine Benz from Morningstar. The Secure Act ushered in new rules for inherited IRAs. Joining me to discuss what you need to know about that is author and tax-planning expert Ed Slott.
Solo 401(k)s — in addition to company 401(k)s — can help clients save additional retirement money on an after-tax basis, even with the possibility of converting them to mega backdoor Roth IRAs, but there are rules, according to Ian Berger, an IRA analyst with Ed Slott & Co.
Say you started with $40,000 in before-tax contributions to non-Roth IRAs and another $10,000 in after-tax contributions to other non-Roth IRAs. That means 80% of your total non-Roth IRA accounts were made with pre-tax dollars. So 80% of whatever amount you convert to a Roth IRA will be taxed (at normal income tax rates), no matter which IRA it came from.
Christine Benz: Hi, I'm Christine Benz from Morningstar. For charitably inclined older adults, a qualified charitable distribution often beats making a charitable contribution and deducting it on your tax return. Joining me to discuss the QCD, as well as what he calls the mega QCD, is author and tax-planning expert Ed Slott.
The entire cryptocurrency market climbed to more than $2 trillion over the weekend for the first time since mid-May.
Bitcoin, one of the more popular digital offerings, also surged to more than $48,000, though it has already lost some of those gains.
In this week’s podcast, Ben Johnson talks about the future of direct indexing, Christine Benz shares valuable tips for pre-retirees, David Harrell shows us how to find a stable dividend, and Ed Slott prepares investors for possible tax changes.
Christine Benz: Hi, I'm Christine Benz from Morningstar. With prospective tax changes on the horizon, is now the right time to start gifting assets and pursuing other such strategies? Joining me to discuss that topic is tax- and retirement-planning expert Ed Slott.
When saving for retirement, investing in either a traditional 401(k) or a Roth 401(k) is a smart idea if your employer offers one. But they aren’t exactly the same. Each type comes with its own pros and cons.
