Do you have a Roth IRA?

[edjr 5,547]

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.

[Patriotsfatboy1 1,432]

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.  

[Gladiators 1,903]

You guys are really wasting your time.

[peenie 1,690]

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.

[peenie 1,690]

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.

[Strike 3,949]

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?

[posty 2,296]

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...

[Gladiators 1,903]

Make the wise investment...the investment in yourself.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A boob job.  

[peenie 1,690]

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.

[Big Guy 1,400]

No.............I've got a Hagar IRA 

[IGotWorms 3,300]

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

[IGotWorms 3,300]

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 

[peenie 1,690]

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.

[Alias Detective 1,179]

I have never read anything more wrong than Ed’s posts in this thread.  For this reason alone this thread should be deleted.

 

 

[Patriotsfatboy1 1,432]

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. 

[IGotWorms 3,300]

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 

[peenie 1,690]

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. 

[Patriotsfatboy1 1,432]

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. 

[IGotWorms 3,300]

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

[Patriotsfatboy1 1,432]

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. 

[IGotWorms 3,300]

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/

[IGotWorms 3,300]

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 

[Alias Detective 1,179]

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

[IGotWorms 3,300]

2 hours ago, Alias Detective said:

 

Income restrictions

No that’s the whole reason for the backdoor. Income limits don’t apply.

 

[edjr 5,547]

Based on this thread I just took all my money out of my 401k early and out it into IRA Roff

[Cruzer 1,992]

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...

[posty 2,296]

8 minutes ago, Cruzer said:

Wow.

Hurry along, gonna be late for your next Klan meeting...

Wanna come?

[Patriotsfatboy1 1,432]

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.  

[Hardcore troubadour 12,588]

You guys really need to get pensions. Ask your employer about one. Works great! 

[Gladiators 1,903]

3 minutes ago, Hardcore troubadour said:

You guys really need to get pensions. Ask your employer about one. Works great! 

I have both.  

[Strike 3,949]

9 minutes ago, Gladiators said:

I have both.  

Me too

[IGotWorms 3,300]

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

[IGotWorms 3,300]

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.