Podcasts Business Investing Your Money, Your Wealth Most Commonly Asked Questions About Taxes, IRAs and 401k - 17

Most Commonly Asked Questions About Taxes, IRAs and 401k - 17

Published: April 2, 2016, 6 p.m.

Original publish date April 2, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed. Episode 17 of the YMYW podcast, Big Al and Joe answer the most commonly asked questions about taxes, IRAs, 401ks and Roth IRAs. Plus, their favorite tax strategies.

00:00 - Intro

04:02 - \u201cIf you\u2019re married and one spouse is still working, you can still contribute to a Roth or IRA because of the non-working spouse election\u201d

07:45 - \u201cIf I\u2019m full retirement age and I\u2019m still working, I think it makes more sense to delay to get the 8% delayed retirement credit\u201d

10:28 - \u201cWhat is the optimal long-term investment vehicle when someone has maxed out all tax-advantaged accounts?\u201d

18:16 - \u201cLet\u2019s say you have an IRA and you have stocks inside this IRA, and some of these stocks have gone down in value. Should you take your RMD from these stocks?\u201d

21:29 - \u201cAn RMD is a required minimum distribution that you have to pull out of a retirement account if it\u2019s an IRA if you\u2019re over 70 \xbd\u201d

25:38 - \u201cWhen markets are down, Roth IRA conversions are a phenomenal strategy\u201d

29:59 - \u201cYour upfront contributions to a Roth IRA are tax deductible \u2013 true or false? False. They are not tax-deductible, they grow 100% tax-free though\u201d

33:45 - \u201cThere is no age limit for contributing to a Roth as long as you or spouse have earned income to contribute\u201d

37:25 - \u201cThe bottom line is if you\u2019re not contributing money to a Roth IRA or converting money to a Roth IRA, you\u2019ve got to be looking at this because tax rates may be going up in the future\u201d