Thank you for this. I have a roth but I purchased stock in my Cash Management account (joint WROS) by accident. Will my stocks be viewed as a traditional?
Thanks for reaching out to us, and we're happy to point you in the right direction. It sounds like you're wondering about how the taxes will be viewed for buying stocks in a joint account. When you purchase stocks in a non-retirement account (like the joint account you mentioned), this would not be tax-deferred. Purchasing stocks in a non-retirement account may subject you to taxation when you sell your stocks, or if you receive distributions from them in the year in which they occur. In a broader sense, retirement accounts allow for tax-free growth when trading within the account, whereas non-retirement accounts are taxable. This means that your joint account can potentially be subject to taxation for trades, dividends, and other activities taking place within the account in the year they occur. If you have any other questions, please let us know. We're happy to clarify with you.
If a child earns money in cash, such as by taking care of a pet, and does not receive a 1099, do you have any suggestions for handling this on their tax return? Thanks
Thanks for reaching out with your questions! As Fidelity cannot provide tax advice, we encourage clients to reach out to a tax professional if they have questions about how to handle filing their taxes. That said, we've dropped a link to an article on our website that covers some basic considerations about taxes for minors. What to know about the kiddie tax: www.fidelity.com/learning-center/personal-finance/kiddie-tax Let us know if there's anything else we can help you with!
I was not clear about what they said about the limit contributions for a ROTH 401K . It says on the fidelity employer sponsored ROTH 401K account that Contribution Limits are as follows:The Internal Revenue Service (IRS) limit for elective deferrals (Pre-tax and Roth) is $23,000.00 in 2024. So where did they get only 7K max for ROTH 401K?
Hey there. Thanks for connecting with us here on TH-cam. You are correct in stating that the Internal Revenue Service (IRS) limit for an employer sponsored 401(k) (Pre-tax and Roth) is $23,000.00 in 2024. However, the $7,000 max contribution limit that was mentioned in the video applies to IRAs and not workplace retirement accounts. To keep you two steps ahead, we’ve provided some articles below that explain both Roth and 401k contribution limits. IRA contribution limits: www.fidelity.com/retirement-ira/contribution-limits-deadlines 401(k) contribution: limits www.fidelity.com/learning-center/smart-money/401k-contribution-limits If you have any other questions, please let us know. We're happy to clarify with you.
Hi there. Thanks for connecting with us here on TH-cam. As Fidelity is unable to provide tax advice, we do not offer or refer our clients to specific tax advisors. If you have additional questions, don't hesitate to reach out. We are always happy to help!
This was exactly what I needed. So happy it popped up on my timeline. Thank you!
We're glad to hear this! Don't forget to like and subscribe to stay up to date on our latest videos. See you next time!
What about backdoor or rollovers?
Thank you for this. I have a roth but I purchased stock in my Cash Management account (joint WROS) by accident. Will my stocks be viewed as a traditional?
Thanks for reaching out to us, and we're happy to point you in the right direction.
It sounds like you're wondering about how the taxes will be viewed for buying stocks in a joint account. When you purchase stocks in a non-retirement account (like the joint account you mentioned), this would not be tax-deferred. Purchasing stocks in a non-retirement account may subject you to taxation when you sell your stocks, or if you receive distributions from them in the year in which they occur.
In a broader sense, retirement accounts allow for tax-free growth when trading within the account, whereas non-retirement accounts are taxable. This means that your joint account can potentially be subject to taxation for trades, dividends, and other activities taking place within the account in the year they occur.
If you have any other questions, please let us know. We're happy to clarify with you.
@@fidelityinvestments I see. Thank you for your help!
No problem! Enjoy your day.
If a child earns money in cash, such as by taking care of a pet, and does not receive a 1099, do you have any suggestions for handling this on their tax return? Thanks
Thanks for reaching out with your questions!
As Fidelity cannot provide tax advice, we encourage clients to reach out to a tax professional if they have questions about how to handle filing their taxes. That said, we've dropped a link to an article on our website that covers some basic considerations about taxes for minors.
What to know about the kiddie tax: www.fidelity.com/learning-center/personal-finance/kiddie-tax
Let us know if there's anything else we can help you with!
I was not clear about what they said about the limit contributions for a ROTH 401K . It says on the fidelity employer sponsored ROTH 401K account that Contribution Limits are as follows:The Internal Revenue Service (IRS) limit for elective deferrals (Pre-tax and Roth) is $23,000.00 in 2024. So where did they get only 7K max for ROTH 401K?
Hey there. Thanks for connecting with us here on TH-cam.
You are correct in stating that the Internal Revenue Service (IRS) limit for an employer sponsored 401(k) (Pre-tax and Roth) is $23,000.00 in 2024. However, the $7,000 max contribution limit that was mentioned in the video applies to IRAs and not workplace retirement accounts.
To keep you two steps ahead, we’ve provided some articles below that explain both Roth and 401k contribution limits.
IRA contribution limits: www.fidelity.com/retirement-ira/contribution-limits-deadlines
401(k) contribution: limits www.fidelity.com/learning-center/smart-money/401k-contribution-limits
If you have any other questions, please let us know. We're happy to clarify with you.
Im liking traditional 401k and Iras less as withdrawals are taxed at ordinary income rates.
Does Fidelity offer tax advisors ?
Hi there. Thanks for connecting with us here on TH-cam.
As Fidelity is unable to provide tax advice, we do not offer or refer our clients to specific tax advisors.
If you have additional questions, don't hesitate to reach out. We are always happy to help!
👍
When is the Men Talk Money video about Roths going to be published? I didnt know Roths were gender specific.
Lol.
Please pipe down incel.
as long as they are as good looking as the women, I don't mind !!
LMAO😂
Dude, stop. 🙄