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332 | Transform Your Tax Return Into a Springboard for Financial Planning

ChooseFI

CHAPTER

Navigating IRA Distribution Strategies

This chapter explores the complexities of IRA distributions, particularly the backdoor Roth IRA strategy and its tax implications. It emphasizes the significance of accurate reporting on Form 1040 and introduces crucial concepts like the pro rata rule and the benefits of rolling over old 401(k) accounts. Additionally, it discusses how understanding tax returns and recent changes to the child tax credit can enhance overall financial planning.

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