Should I Withhold Taxes on My IRA Distribution?

2023-11-06

Withholding can be useful as you get older For distributions with less than $1000 tax impact, it may be smarter not to withhold. For Roth conversions, in most cases it is better not to withhold taxes, especially if you are not 59.5 yet. You are retired and are planning to withdraw some of your tax-deferred money from your traditional IRA or 401k.  As you click through the screens, there is a message about withholding taxes.  Should you withhold taxes or

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Five (and a Half) Ways to Get Money Into a Roth IRA (Part 2)

2023-11-05

Method 1: Regular Roth IRA Contribution Method 2: Roth Conversion Method 3: Backdoor Roth IRA (similar to Roth Conversion) Method 4: Mega Backdoor Roth Method 5: Roth 401k Rollover to Roth IRA Method 5.5: 529 Rollover to Roth (starts in 2024) This is Part 2 of a two-part series on how to get money into a Roth IRA. (Part 1 is found here.)   Method 4: Mega Backdoor RothWhoever came up with this name should have thought of a different

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Five (and a Half) Ways to Get Money Into a Roth IRA (Part 1)

2023-11-03

Method 1: Regular Roth IRA Contribution Method 2: Roth Conversion Method 3: Backdoor Roth IRA (similar to Roth Conversion) Method 4: Mega Backdoor Roth Method 5: Roth 401k Rollover to Roth IRA Method 5.5: 529 Rollover to Roth (starts in 2024) This is Part 1 of a two-part series on how to get money into a Roth IRA. Alongside the many advantages offered by the Roth IRA, one of the benefits is that there are no less than five legitimate

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