Today on Your Money, Your Wealth® podcast 394 with Joe Anderson, CFP® and Big Al Clopine, CPA, if a fortunate equity event or liquidity event should cause your income to skyrocket, what will that do to your taxes? Joe and Big Al spitball tax strategies to help you manage this good problem to have. Plus, Backdoor Roth, contributions, conversions, and income limits explained, converting twelve and a half million bucks to Roth, and what happens to retirement accounts when you pass - will there be a tax bill due? Kicking it off with the 7-twelve portfolio - what is it? Show notes, free financial resources, Ask Joe & Big Al On Air: https://bizlink.to/ymyw-394
00:00 - Intro 00:52 - Is The 7-Twelve Portfolio Too Diversified or Too Simplistic? (Sugar Magnolia, Greensboro, NC) 10:21 - What the Hell Will a $1.5M Company Equity Event Do To My Taxes? 20:22 - Can We Invest in Our Hobby Farm at a Loss and Convert 401K to Roth to Offset Tax on Huge Liquidity Event? 25:21 - Backdoor Roth, Contributions, Conversions, and Income Limits Explained (Nancy, WI) 31:10 - Should We Convert $12.5M in IRAs to Roth? Retired, $100K Pensions, $205K Income (Frank, San Diego) 35:27 - Mom Passed, Her 401K is Still at Vanguard. How Can Dad Avoid a Tax Bill? (Anonymous) 39:16 - What Happens to Our Retirement Accounts When We Pass? (Butch from the Bait Shack) 44:56 - The Derails
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IMPORTANT DISCLOSURES: • Investment Advisory and Financial Planning Services are offered through Pure Financial Advisors, LLC, a Registered Investment Advisor. • Pure Financial Advisors LLC does not offer tax or legal advice. Consult with your tax advisor or attorney regarding specific situations. • Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance. • Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. • All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. • Intended for educational purposes only and are not intended as individualized advice or a guarantee that you will achieve a desired result. Before implementing any strategies discussed you should consult your tax and financial advisors. CFP® - The CERTIFIED FINANCIAL PLANNER™ certification is by the Certified Financial Planner Board of Standards, Inc. To attain the right to use the CFP® designation, an individual must satisfactorily fulfill education, experience and ethics requirements as well as pass a comprehensive exam. Thirty hours of continuing education is required every two years to maintain the designation. AIF® - Accredited Investment Fiduciary designation is administered by the Center for Fiduciary Studies fi360. To receive the AIF Designation, an individual must meet prerequisite criteria, complete a training program, and pass a comprehensive examination. Six hours of continuing education is required annually to maintain the designation. CPA – Certified Public Accountant is a license set by the American Institute of Certified Public Accountants and administered by the National Association of State Boards of Accountancy. Eligibility to sit for the Uniform CPA Exam is determined by individual State Boards of Accountancy. Typically, the requirement is a U.S. bachelor’s degree which includes a minimum number of qualifying credit hours in accounting and business administration with an additional one-year study. All CPA candidates must pass the Uniform CPA Examination to qualify for a CPA certificate and license (i.e., permit to practice) to practice public accounting. CPAs are required to take continuing education courses to renew their license, and most states require CPAs to complete an ethics course during every renewal period.
