Increasing tax rates are the reason I rolled over my 401k to a Roth. I don’t want to be 59 paying taxes on current income on withdrawals made from my retirement account.
Pre-tax contributions may help reduce income taxes in your pre-retirement years while after-tax contributions may help reduce your income tax burden during retirement. Both have their perks but you can also save for retirement outside of a retirement plan, such as in an individual investment account or employing the services of a retirement planner/investment advisor.
I completely agree; I am in my mid 40s, approaching retirement, and have approximately over 2million dollars in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, the Fin-advisor can only be neglected, not rejected. Just do your due diligence to identify a fiduciary one.
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Marisa Michelle Litwinsky’’ for about three years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
Marisa has the appearance of being a great authority in her profession. I looked her up online and found her website, which I reviewed and went through to learn more about her credentials, academic background, and employment. She has a fiduciary duty to protect my best interests. I sent her an email outlining my objectives and also booked a session with her; thanks for sharing.
I think investors should always put their cash to work, especially In 2024, we'll start to see more market diversification. I'm hoping to invest about $350k of my savings in stocks against next year. Hope to make millions in 2024.
Since risk is at an all-time high right now, perhaps you should be a little more patient and return when it has decreased. Alternatively, you can consult a trained financial expert for strategy.
Yes true, I have been in touch with a brokerage Advisor. With an initial starting reserve of $80k, my advisor chooses the entry and exit commands for my portfolio, which has grown to approximately $550k.
NICOLE ANASTASIA PLUMLEE' is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.
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 CZcams. 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.
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.
Hi there. Thanks for connecting with us here on CZcams. 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!
Increasing tax rates are the reason I rolled over my 401k to a Roth. I don’t want to be 59 paying taxes on current income on withdrawals made from my retirement account.
Pre-tax contributions may help reduce income taxes in your pre-retirement years while after-tax contributions may help reduce your income tax burden during retirement. Both have their perks but you can also save for retirement outside of a retirement plan, such as in an individual investment account or employing the services of a retirement planner/investment advisor.
I completely agree; I am in my mid 40s, approaching retirement, and have approximately over 2million dollars in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, the Fin-advisor can only be neglected, not rejected. Just do your due diligence to identify a fiduciary one.
This is exactly how i wish to get my finances coordinated ahead of retirement. Can you recommend the financial advisor you used to get ahead?
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Marisa Michelle Litwinsky’’ for about three years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
Marisa has the appearance of being a great authority in her profession. I looked her up online and found her website, which I reviewed and went through to learn more about her credentials, academic background, and employment. She has a fiduciary duty to protect my best interests. I sent her an email outlining my objectives and also booked a session with her; thanks for sharing.
I think investors should always put their cash to work, especially In 2024, we'll start to see more market diversification. I'm hoping to invest about $350k of my savings in stocks against next year. Hope to make millions in 2024.
Since risk is at an all-time high right now, perhaps you should be a little more patient and return when it has decreased. Alternatively, you can consult a trained financial expert for strategy.
Yes true, I have been in touch with a brokerage Advisor. With an initial starting reserve of $80k, my advisor chooses the entry and exit commands for my portfolio, which has grown to approximately $550k.
I’ve been looking to switch to an advisor for a while now. Any help pointing me to who your advisor is?
NICOLE ANASTASIA PLUMLEE' is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.
I just curiously searched her up, and I have sent her an email. I hope she gets back to me soon. Thank you
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!
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 CZcams.
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.
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.
@@Fidelity I see. Thank you for your help!
No problem! Enjoy your day.
👍
Does Fidelity offer tax advisors ?
Hi there. Thanks for connecting with us here on CZcams.
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. 🙄