edjr 5,547 Posted October 7, 2019 Just now, Patriotsfatboy1 said: As of now, gains are tax-free in a Roth IRA. 0 chance when we are 65 that will be the case. you know it, I know it. Share this post Link to post Share on other sites
Patriotsfatboy1 1,432 Posted October 7, 2019 Just now, edjr said: 0 chance when we are 65 that will be the case. you know it, I know it. Nah, it would be phased out. You are assuming a change in the tax laws and not how they are written today. You only have to be 59 1/2 for example, not 65. Having a good blend of Roth IRA and regular IRA holdings is a good idea if you can do it. I can't. Share this post Link to post Share on other sites
Gladiators 1,904 Posted October 7, 2019 You guys are really wasting your time. Share this post Link to post Share on other sites
peenie 1,690 Posted October 7, 2019 42 minutes ago, Patriotsfatboy1 said: Peenie, there is no way that you can contribute to a Roth IRA. You make too much money. I have one that has $5k in it from a while back, but I can't put any more in it because it is not allowed. I don't make 122K, not yet. Share this post Link to post Share on other sites
peenie 1,690 Posted October 7, 2019 1 hour ago, mmmmm...beer said: You're too old to have it matter now. I am pretty old...you think it's pointless to have it? But imagine if I keep it for years and years, like until I'm 65, 70 or 80. Like I'll just withdraw it slowly over time. Share this post Link to post Share on other sites
Strike 3,950 Posted October 7, 2019 1 minute ago, peenie said: I am pretty old...you think it's pointless to have it? But imagine if I keep it for years and years, like until I'm 65, 70 or 80. Like I'll just withdraw it slowly over time. Do you know why you want it or did someone just tell you that you should have money in a ROTH IRA? Share this post Link to post Share on other sites
posty 2,296 Posted October 7, 2019 Blacks don't save money... They have to make sure to get as much bling, cars, grills as possible... So that way when they are poor, they can blame the white man for their problems... Share this post Link to post Share on other sites
Gladiators 1,904 Posted October 7, 2019 Make the wise investment...the investment in yourself. A boob job. 1 Share this post Link to post Share on other sites
peenie 1,690 Posted October 7, 2019 7 minutes ago, Strike said: Do you know why you want it or did someone just tell you that you should have money in a ROTH IRA? Well, to be honest, I was told that if I roll my money from my regular retirement into a ROTH IRA I could use that money as a down payment on a house. I wasn't sure though if I'd have to pay taxes on it when I rolled over some of the money (not all of it of course). Also, maybe I could just put money in it and accumulate money through the investments and use it as a down payment on a house. If I buy a house. Share this post Link to post Share on other sites
Big Guy 1,400 Posted October 7, 2019 No.............I've got a Hagar IRA 1 Share this post Link to post Share on other sites
IGotWorms 3,302 Posted October 7, 2019 2 hours ago, Patriotsfatboy1 said: Peenie, there is no way that you can contribute to a Roth IRA. You make too much money. I have one that has $5k in it from a while back, but I can't put any more in it because it is not allowed. That’s when you go backdoor Share this post Link to post Share on other sites
IGotWorms 3,302 Posted October 7, 2019 1 hour ago, peenie said: Well, to be honest, I was told that if I roll my money from my regular retirement into a ROTH IRA I could use that money as a down payment on a house. I wasn't sure though if I'd have to pay taxes on it when I rolled over some of the money (not all of it of course). Also, maybe I could just put money in it and accumulate money through the investments and use it as a down payment on a house. If I buy a house. I think you can do that even with a regular IRA. Whether it’s a good idea or not is another question Share this post Link to post Share on other sites
peenie 1,690 Posted October 7, 2019 25 minutes ago, IGotWorms said: I think you can do that even with a regular IRA. Whether it’s a good idea or not is another question Oh.....hmm.....okay, thank you. But, I think I won't get a penalty (early withdrawal) if I take it out of a Roth vs my regular retirement. Share this post Link to post Share on other sites
Alias Detective 1,179 Posted October 7, 2019 I have never read anything more wrong than Ed’s posts in this thread. For this reason alone this thread should be deleted. Share this post Link to post Share on other sites
Patriotsfatboy1 1,432 Posted October 7, 2019 1 hour ago, IGotWorms said: That’s when you go backdoor You can go backdoor to set it up initially, but you can’t contribute any more to it. I have a couple that I can’t add to. Share this post Link to post Share on other sites
IGotWorms 3,302 Posted October 8, 2019 1 hour ago, Patriotsfatboy1 said: You can go backdoor to set it up initially, but you can’t contribute any more to it. I have a couple that I can’t add to. I don’t believe that’s accurate. It’s just a rollover you can do any time as far as I understand Share this post Link to post Share on other sites
peenie 1,690 Posted October 8, 2019 I'll just continue to save with my regular savings account for the house, if I ever get one. Thanks for the info. I still think the Roth may be a good idea even though I'm old now. Share this post Link to post Share on other sites
Patriotsfatboy1 1,432 Posted October 8, 2019 53 minutes ago, IGotWorms said: I don’t believe that’s accurate. It’s just a rollover you can do any time as far as I understand The rollover only creates the Roth IRA. How do you get more money in? As I said, I have 2 that I can’t get any more money into them. I max out my 401k every year as well. 1 Share this post Link to post Share on other sites
IGotWorms 3,302 Posted October 8, 2019 35 minutes ago, Patriotsfatboy1 said: The rollover only creates the Roth IRA. How do you get more money in? As I said, I have 2 that I can’t get any more money into them. I max out my 401k every year as well. May want to check on that. I believe you can rollover into an existing account. Why not? People do it all the time with 401ks Share this post Link to post Share on other sites
Patriotsfatboy1 1,432 Posted October 8, 2019 1 hour ago, IGotWorms said: May want to check on that. I believe you can rollover into an existing account. Why not? People do it all the time with 401ks Why not? There are restrictions for IRA’s, 401k’s and same for Roth’s. For example, I can put whatever the fock I want into my 401k up to a certain amount. I can only put $5k into a IRA (depending on age). After $183k in AGI, you can’t contribute to a Roth IRA. It is not an option for people who make over a certain amount. I have checked several times. Share this post Link to post Share on other sites
IGotWorms 3,302 Posted October 8, 2019 Just now, Patriotsfatboy1 said: Why not? There are restrictions for IRA’s, 401k’s and same for Roth’s. For example, I can put whatever the fock I want into my 401k up to a certain amount. I can only put $5k into a IRA (depending on age). After $183k in AGI, you can’t contribute to a Roth IRA. It is not an option for people who make over a certain amount. I have checked several times. It’s not an option to contribute directly to a Roth but you can contribute to a regular IRA then roll it over to the Roth. Hence the backdoor There’s not even a limit! https://www.nerdwallet.com/blog/investing/backdoor-roth-ira-high-income-how-to-guide/ Share this post Link to post Share on other sites
IGotWorms 3,302 Posted October 8, 2019 Wait a minute, I think I see what our issue is here. You want to sock more total money away per year. I’m not sure you can do that. But what I believe you can do is convert some of your 401k or IRA contributions to a Roth. So it’s really just if you want to diversify versus actually increasing the total amount you can save. Now that said, what about a profit sharing plan? You can sock away like $50k with those bad boys Share this post Link to post Share on other sites
Alias Detective 1,179 Posted October 8, 2019 9 hours ago, Patriotsfatboy1 said: The rollover only creates the Roth IRA. How do you get more money in? As I said, I have 2 that I can’t get any more money into them. I max out my 401k every year as well. 8 hours ago, IGotWorms said: May want to check on that. I believe you can rollover into an existing account. Why not? People do it all the time with 401ks Income restrictions Share this post Link to post Share on other sites
IGotWorms 3,302 Posted October 8, 2019 2 hours ago, Alias Detective said: Income restrictions No that’s the whole reason for the backdoor. Income limits don’t apply. Share this post Link to post Share on other sites
edjr 5,547 Posted October 8, 2019 Based on this thread I just took all my money out of my 401k early and out it into IRA Roff Share this post Link to post Share on other sites
Cruzer 1,992 Posted October 8, 2019 18 hours ago, posty said: Blacks don't save money... They have to make sure to get as much bling, cars, grills as possible... So that way when they are poor, they can blame the white man for their problems... Wow. Hurry along, gonna be late for your next Klan meeting... Share this post Link to post Share on other sites
posty 2,296 Posted October 8, 2019 8 minutes ago, Cruzer said: Wow. Hurry along, gonna be late for your next Klan meeting... Wanna come? Share this post Link to post Share on other sites
Patriotsfatboy1 1,432 Posted October 8, 2019 1 hour ago, IGotWorms said: No that’s the whole reason for the backdoor. Income limits don’t apply. Here is the problem. If you are a high income person right now, you have to pay taxes on the IRA money that is taxable (value increase) at your rate for the year. That could be a higher rate than when you are going to take it out when you are withdrawing in retirement. It is not like the government is going to allow you to roll-over the whole IRA into a Roth without collecting taxes. Share this post Link to post Share on other sites
Hardcore troubadour 12,594 Posted October 8, 2019 You guys really need to get pensions. Ask your employer about one. Works great! Share this post Link to post Share on other sites
Gladiators 1,904 Posted October 8, 2019 3 minutes ago, Hardcore troubadour said: You guys really need to get pensions. Ask your employer about one. Works great! I have both. Share this post Link to post Share on other sites
Strike 3,950 Posted October 8, 2019 9 minutes ago, Gladiators said: I have both. Me too Share this post Link to post Share on other sites
IGotWorms 3,302 Posted October 8, 2019 19 minutes ago, Hardcore troubadour said: You guys really need to get pensions. Ask your employer about one. Works great! Yep, ‘til they pull the rug out from under you at least Share this post Link to post Share on other sites
IGotWorms 3,302 Posted October 8, 2019 25 minutes ago, Patriotsfatboy1 said: Here is the problem. If you are a high income person right now, you have to pay taxes on the IRA money that is taxable (value increase) at your rate for the year. That could be a higher rate than when you are going to take it out when you are withdrawing in retirement. It is not like the government is going to allow you to roll-over the whole IRA into a Roth without collecting taxes. Yeah it’s not some huge hack or anything. It’s just for people who want to diversify into a Roth but have too high of an income to do so directly. Like I told peenie you’ll get hit with a tax bill in the year you do it. Share this post Link to post Share on other sites