Remember the Romney IRA? Now there’s a new hue and cry and it could spell trouble for Roth IRAs, and Roth IRA conversions. The trouble began last Thursday when ProPublica published an article lengthily titled, “Lord of the Roths: How Tech Mogul Peter Thiel Turned a Retirement Account for the Middle Class Into a $5 Billion Tax-Free Piggy Bank.” Thiel is founder of PayPal (he’s … [Read more...] about Rich Roth IRAs Draw Wrath, Attention
Roth IRA
Taxpayers to avoid obligations by sending mining proceeds to IRAs
North American mining and hosting firm Compass Mining is offering a new tax avoidance method for savvy crypto miners that file in the United States. In a Thursday announcement, Compass Mining said it had partnered with IRA provider Choice by Kingdom Trust to help Bitcoin users mine directly to their IRAs “without ever triggering a taxable event.” Under current U.S. law, income … [Read more...] about Taxpayers to avoid obligations by sending mining proceeds to IRAs
Retirement expectations, reality often don’t align > Spokane Journal of Business
Will your retirement dreams match your reality? That’s perhaps the most critical question to ask people who are currently retired. Is your retirement what you expected, or is it something else? For more than 30 years, the Employee Benefit Research Institute has conducted the Retirement Confidence Survey, which gauges the views and … [Read more...] about Retirement expectations, reality often don’t align > Spokane Journal of Business
Tax Advice for Parents Since Teens Like to Play the Market, Too
I didn’t have a lot of exposure to financial education as a child. That’s consistent with a wealth management poll that found that 37% of those in my generation had no one to teach them about investing; the number ticks up to 38% for Baby Boomers. That’s why I opened a minor’s account for each of my three children and encouraged them to invest through the platform. I wanted … [Read more...] about Tax Advice for Parents Since Teens Like to Play the Market, Too
Ask the Expert: The rules for ‘backdoor’ Roth IRAs
On July 4 you wrote that the first $20,000 of an individual retirement account distribution is exempt from New York State income tax. Does that include a distribution that’s rolled over to a Roth IRA, sometimes called "a backdoor Roth conversion"? Yes. New … [Read more...] about Ask the Expert: The rules for ‘backdoor’ Roth IRAs