To minimize taxes they should both contribute max of $30k each of their 2023 traditional 401(k)s and $30.5k each to their traditional 2024 401(k) and may as well backdoor their $7,500 2023 Roth IRAs and $8,000 2024 Roth IRAs.
Great info. If I am married but always file "married, file as separately" would I use the singles tax bracket, or would I still use the combined income?
My widowed mother died in January, how soon do I have to open an inherited IRA? Since no distribution was taken this year, do I, as the 72 year old son, have to take out a distribution this year or can I spread it out over the 10 years at my discretion??
To minimize taxes they should both contribute max of $30k each of their 2023 traditional 401(k)s and $30.5k each to their traditional 2024 401(k) and may as well backdoor their $7,500 2023 Roth IRAs and $8,000 2024 Roth IRAs.
Very helpful video!
Great info. If I am married but always file "married, file as separately" would I use the singles tax bracket, or would I still use the combined income?
What about estimated taxes on your example? Paid out of distributions or savings?
Most people withhold taxes from the distribution but it could come from savings. Depends on the circumstances.
how about inherited roth ira?
Roth IRAs are free of income tax so you are in luck.
well done sir. You teach well. nice pacing, thorough. you make comprehension accessible. keep up the good work.
My widowed mother died in January, how soon do I have to open an inherited IRA? Since no distribution was taken this year, do I, as the 72 year old son, have to take out a distribution this year or can I spread it out over the 10 years at my discretion??
If I were Sally, I would retire early!
Ha! LOL. 😄
This was really really good