More Posts
Purefinancial
It’s a voice message extravaganza as Joe and Big Al talk about tax gain harvesting on Dante in New York’s daughter’s custodial account, and the tax impacts of Leon in Chicago investing in his brokerage account. The fellas also spitball on whether Michelle in San Diego, en route to San Francisco, should buy or rent in her 60s, the mega backdoor Roth and the pro rata rule for Sean and his cichlids in Winter Springs, Florida, and whether Jason in NOLA can do the backdoor after recharacterizing his contribution. Plus, should Kevin in Ohio make like the Steve Miller Band and “take the (pension) money and run”? Can Scott in Colorado make like Johnny Paycheck and “take his job and shove it” when it’s time for the rule of 55? And should Suzi and Peter consider long-term care insurance and protecting their assets with an irrevocable trust?
Your last-minute tax questions answered: should Brad in Wahoo, NE save to his regular 401(k) instead of his Roth 401(k) so he can claim the American Opportunity Tax Credit? Should Jennifer and Zeke in NY set up a Roth IRA and file taxes for their 13-year-old who’s got some earned income? Does Cindy in San Diego have to report her Medicare Advantage over-the-counter medication benefit on her taxes? And should our buddy Carl Spackler wait until the new year to deposit his rollover check? Plus, Em in FL needs ideas for moving her Mom from a low-cost-of-living area to a high-cost-of-living area, Wannabe Landlord wonders about creating an LLC for his real estate, and can CJ in FL and IN report pro-rated real estate expenses on schedule E? Finally, the 5-year rule on Roth withdrawals once again, this time for Brutus Buckeye, and Bruce from Joisey is back, this time he wants to pay cash for a car.
Stocks and bonds, 401(k)s and IRAs – how investment savvy are you? Less than half of Americans have a solid understanding of basic investing terms and concepts. It can be difficult to grow your wealth if you don’t know what tools and strategies are available, much less know how to use them to develop a […]
Christine isn’t sure that Roth conversions are all they’re cracked up to be. Erick needs a retirement spitball analysis for his Roth conversions, annuities, and the real estate in his self-directed IRA, Billy the disgruntled attorney wants to know if he can retire now, and Zach wonders just how bad is it to rely on the lottery for retirement? But first, Joe and Big Al spitball retirement strategies for three members of the US military.
Boost your monthly income in retirement by investing in residential real estate? Learn the pros, cons, and mistakes to avoid, things to consider before buying investment properties, rental real estate finances, and how to minimize taxes through real estate investments. Transcript: Andi: Hello and welcome and thank you all for joining us for this […]
How does bonus accelerated depreciation work when it comes to commercial real estate? Is real estate a good source of retirement income, and can it take the place of safe assets like bonds in your investment portfolio?
Gidget wants to find her very own Moon Doggie so she can get married and reap that sweet, sweet capital gain exclusion when she sells her house. What do Joe and Big Al think, and can they help her find a man? Plus, is real estate a good investment for retirement income? Is taking out a TSP (thrift savings plan) loan to pay off your mortgage a good idea? Also, the fellas spitball a tax and ACA (Affordable Care Act) strategy, a FIRE strategy – well, financial independence, but not necessarily retire early – and they discuss capital gains taxes on RSUs (restricted stock units.)
Deciding who will inherit your estate is a big decision and an important part of life planning. Smart estate planning helps protect families with young children as well as helping your heirs from overpaying on taxes. Pure’s Financial Planner, Dean Heimbach, CFP®, AIF®, covers four key steps to get you started on your estate plan: […]
Joe and Big Al attempt to clearly and succinctly explain modified adjusted income for Medicare and IRMAA, and the pro-rata and aggregation rules for Roth conversions. Will a combat zone TSP transfer be subject to those rules? Plus, joint tenants with rights of survivorship vs. transfer on death for a brokerage account, reducing taxes on the sale of a timeshare, how much to spend on home improvements, and using a reverse mortgage instead of long-term care insurance. And wait ’til you hear the fellas’ thoughts on the best way to pay the least amount of tax when you cash out your retirement savings to buy gold and silver.
Would you go to a restaurant that has a C rating or even a B rating? How about your retirement plan? Do you know how your financial plan rates, or are just satisfied that you have one? Having a plan is a big step in the right direction, but is it actually going to meet […]
Can you trust the opinion of just one advisor when planning for your entire financial future? Joe and Big Al spitball their second opinions for some retirement plan and Roth conversion strategies, they illustrate one way some financial advisors may be acting in their own best interests, and they explain how to determine if you’re on track for a successful retirement. Plus, can you take penalty-free withdrawals from a Roth TSP to Roth IRA rollover in order to bridge the gap until age 59 and a half? Will paying for a home remodel with Roth conversion funds avoid tax? And, should you use Roth conversion money for these purposes?
Subscribe to the YMYW podcast Subscribe to the YMYW newsletter
LISTEN on Apple Podcasts | Google Podcasts | Stitcher | Player FM
Following the Fed’s fourth consecutive interest rate hike last week, should you be changing your investing strategy to time this inflationary market, moving from bonds to 3-year annuity CDs? Plus, Joe and Big Al spitball on asset location and Roth Conversions for the in-laws and a net unrealized appreciation (NUA) strategy for company stock in a 401(k). They also discuss whether extra home mortgage payments are part of an investment portfolio, and what real estate expenses are tax deductible.
Subscribe to the YMYW podcast Subscribe to the YMYW newsletter
LISTEN on Apple Podcasts | Google Podcasts | Stitcher | Player FM