Taxable account is the way to go. In 40 years I have not paid $1 of capital gains. I do take my $3k of losses each year against ordinary income. The rest will go to my beneficiaries tax free with a step up of basis.
Great point on the withholding vs estimated taxes timing. I don’t usually get much from these videos but that was a nugget. I will never need any of my RMD so that helps.
Nothing complicated. If you have the income you have to pay the taxes. I am in that situation. It sucks, but I have the income so I pay my taxes. I like the QLAC... You can do Roth conversions. But you still pay the taxes.
Thanks for watching! My understanding is that you might potentially do a QCD from an inherited IRA, but you (not the deceased) would need to be old enough to qualify for QCDs. That said, the rules are extremely complicated, I may be misunderstanding or just plain wrong, the rules can change quickly, and there's potentially a lot of money at stake. So, it's critical for anybody reading this to triple-check their specific details with their tax expert before making any decisions.
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Taxable account is the way to go. In 40 years I have not paid $1 of capital gains. I do take my $3k of losses each year against ordinary income. The rest will go to my beneficiaries tax free with a step up of basis.
Great point on the withholding vs estimated taxes timing. I don’t usually get much from these videos but that was a nugget. I will never need any of my RMD so that helps.
Great content, Justin. Thanks for the time you spent creating it!
Thank you!
Thank you for the good advice. I am hoping to retire sooner than later.
Excellent presentation, easy to follow and understand
Thank you Justin very good information
Thank you!
Helpful! Thank you.
Nothing complicated. If you have the income you have to pay the taxes. I am in that situation. It sucks, but I have the income so I pay my taxes. I like the QLAC... You can do Roth conversions. But you still pay the taxes.
Thanks for great content. Wondering if you can utilize a QCD with a RMD from a beneficiary IRA? I'm guessing no!
Thanks for watching! My understanding is that you might potentially do a QCD from an inherited IRA, but you (not the deceased) would need to be old enough to qualify for QCDs. That said, the rules are extremely complicated, I may be misunderstanding or just plain wrong, the rules can change quickly, and there's potentially a lot of money at stake. So, it's critical for anybody reading this to triple-check their specific details with their tax expert before making any decisions.