WCI #354: Mega Backdoor Roth Contributions with Minimal 1099 Income

5 snips

Feb 15, 2024

In this podcast, they answer questions about 529s and taxes on rollover IRA contributions. They also discuss Mega Backdoor Roths and compare UTMA vs. parental brokerage savings for minors. The episode is sponsored by SoFi, helping medical professionals with loan refinancing and payment plans. They emphasize striving for high achievement, maximizing retirement savings, and promoting financial literacy.

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Introduction

00:00 • 4min

Striving for High Achievement and Updates on Loans

03:36 • 3min

Transferring Low Basis Shares to a 529 Account and Paying Taxes for Rollover IRA Conversion

06:09 • 20min

Maximizing Retirement Savings and Understanding Matching Campaigns

26:35 • 4min

Promotions, Appreciation, and Financial Literacy

30:52 • 2min

Today we tackle a few of your questions about 529s. We answer some questions about when you have to pay taxes on your rollover IRA contributions to Roth as well as a question about Mega Backdoor Roths. We talk about structured notes and what the advantages and disadvantages are to saving for minors using a UTMA vs. a parental brokerage.

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