Your Money, Your Wealth Joe Anderson, CFP® & Alan Clopine, CPA of Pure Financial Advisors

Last-minute tax questions answered: should Brad in Wahoo, NE save to his regular 401(k) instead of his Roth 401(k) so he can claim the American Opportunity Tax Credit? Should Jennifer and Zeke in NY set up a Roth IRA and file taxes for their 13-year-old that’s got some earned income? Does Cindy in San Diego have to report her Medicare Advantage over-the-counter medication benefit on her taxes? And should our buddy Carl Spackler wait until the new year to deposit his rollover check? Plus, Em in FL needs ideas for moving her Mom from a low-cost-of-living area to a high-cost-of-living area, Wannabe Landlord wonders about creating an LLC for his real estate, and can CJ in FL and IN report pro-rated real estate expenses on schedule E? Finally, the 5-year rule on Roth withdrawals once again, this time for Brutus Buckeye, and Bruce from Joisey is back, this time he wants to pay cash for a car. 
Timestamps:
01:08 - American Opportunity Tax Credit and Other Tax Strategies (Brad, Wahoo, NE) 05:07 - Tax Filing for 13-Year-Old With Earned Income (Jennifer & Zeke, NY state) 09:47 - HSA: The Last Month Rule for Health Savings Accounts (JZ, New York) 13:01 - Income Tax and Sales Tax Explained (Cindy, San Diego - North County) 16:23 - Deposit Rollover Check After New Year to Avoid the Pro-Rata Rule? (Carl Spackler, FL) 21:12 - Strategies for Mom to Move from LCOL to HCOL Area (Em, FL) 26:28 - LLC For Real Estate Investment Properties? (Wannabe Landlord) 28:28 - How to Report Pro-Rated Real Estate Expenses on Taxes (CJ, Florida & Indiana) 32:22 - 5-Year Roth IRA Withdrawal Rule - Sigh (Brutus Buckeye, Columbus, OH) 37:41 - Should I Pay Cash for a Car? (Bruce, Joisey) 43:15 - The Derails Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw-457 
Reduce Your 2023 Taxes With These End-of-Year Tax Planning Strategies (free on-demand webinar) End-of-Year Tax Strategies Guide DIY Retirement Guide (LIMITED TIME OFFER! Download by Friday, Dec. 1, 2023!) Episode Transcript Ask Joe & Big Al On Air for your Retirement Spitball Analysis

Planning to retire early? Joe and Big Al spitball on bridging the gap to your retirement income when there’s a pension in the mix, today on Your Money, Your Wealth® podcast 456. Manley and his wife are in their early 50s and have teacher’s pensions. Can they retire in 2 and a half, or even one and a half years? Can Bucky in the Midwest retire in 2024, and can Henry Karl Kittensburg III retire in about 3 years, with all the milk his heart desires? How should Paul in Houston choose his pension options for early retirement? Is Greg in Southern California’s CalSTRS teacher’s pension enough for his retirement? Keaton Money in Colorado needs the fellas to help him decide between his pension’s fringe benefits and brokerage account returns, and big Paw in a mid-Atlantic state asks for a spitball on how to reduce taxes on an impending headcount reduction lump sum payout. 
Timestamps:
00:58 - Early 50s, Teacher’s Pensions. Can We Retire Early in 1.5 or 2.5 Years? (Manley, Nashville) 08:17 - How to Choose Pension Options for Early Retirement (Paul, Houston, TX)  18:25 - Is CalSTRS Teacher’s Pension Enough in Retirement? (Greg, Southern California)  22:02 - Am I In Good Shape to Retire in 2024? (Bucky from the Midwest)  23:32 - Pension Fringe Benefits vs. Brokerage Account Returns (Keaton Money, CO)  32:00 - Can We Retire at Age 59? (Henry Karl Kittensburg III, Western OH) 40:42 - How to Reduce Taxes On a Headcount Reduction Retirement Lump Sum Payout? (Big Paw, mid-Atlantic state) 50:50 - The Derails  Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw-456 
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Steve & Sharon in Minnesota are high earners - can they get more money into their Roth IRA without paying more tax? Should Fred in western New York do Roth conversions before required minimum distributions kick in? If Mike in Utah saves on healthcare premiums now, will that mean large RMDs and tax bills for him later? Should Mark in Maryland do a backdoor Roth after maxing out his 401(k)? And should Joseph in Kansas contribute to his new employer’s traditional or Roth 401(k)? 
Timestamps:
00:49 - Should We Do Roth Conversions Before RMDs Kick In? (Fred, western NY) 10:22 - Will Saving on Healthcare Premiums Now Mean Large RMDs and Tax Bills Later? (Mike, UT) 19:36 - Where to Invest After Maxing Out 401(k)? Backdoor Roth? (Mark, MD) 28:04 - How to Get More into Roth Without Paying More Tax? (Steve & Sharon, Roseville, MN) 39:24 - Roth 401(k) or Traditional 401(k) With New Employer? (Joseph from Wichita, KS) 47:08 - The Derails Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw-455 
End-of-Year Tax Planning Webinar - live and free, tomorrow Nov 15, 2023, 12pm Pacific, 3pm Eastern - register now!  How to Build a Recession-Proof Portfolio - YMYW TV Recession Protection Guide - free download Episode Transcript Ask Joe & Big Al On Air for your Retirement Spitball Analysis

Will Ron and Candy in Connecticut ever be able to retire, and are Bruce and Selina in Philly saving enough to retire? That’s today on Your Money, Your Wealth® podcast 454 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, are Pebbles and Bam Bam in Kentuckystone missing anything when it comes to using their brokerage account to pay Roth Conversion taxes? And Susan in San Diego is 55, spends about $36K a year, and has almost a million saved - can she retire yet? And finally, our buddy Will knows he shouldn’t time the market, but…. 
Timestamps:
00:50 - Will We Ever Be Able to Retire? (Ron, CT) 09:54 - Are We Saving Enough to Retire? (Bruce and Selina, Philadelphia) 17:36 - What Am I Missing? Brokerage Account Spitball (Pebbles & Bam Bam, Kentuckystone) 27:05 - Nearly $1M at 55, Spending $36k/Year: Can I Retire Early? (Susan, San Diego) 31:36 - I Know We Shouldn’t Time the Market, But… (Will) 40:46 - The Derails Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw-454 
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Can Jessie and Becky in Iowa retire now at age 52? Should Robert and his wife file their taxes separately, to pay less tax on their required minimum distributions? Can Joe and Al validate Mike in Minnesota’s retirement plan, and does a backdoor Roth make sense for him? How in the world will Mike in New York be able to retire at a reasonable age? And what will retirement income look like for Marty in San Diego? Just spitballs here, no retirement advice!
Timestamps:
00:49 - Can We Retire Now at Age 52? (Jessie and Becky, IA) 10:09 - Should We File Taxes Separately to Minimize Taxes on RMDs? (Robert) 19:56 - Validate Our Retirement Plan: Does a Backdoor Roth Make Sense? (Mike, MN) 25:11 - How in the World Am I Going to Retire at a Reasonable Age? (Mike, Utica, NY) 29:19 - What Will Our Retirement Income Look Like? (Marty, San Diego) 35:06 - The Derails Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw-453 
Retirement Readiness Guide - free download Retirement Pop Quiz - how well do you know retirement? EASIRetirement.com - free retirement calculator Episode Transcript Ask Joe & Big Al On Air for your Retirement Spitball Analysis

Why does Becca in Florida’s advisor "poo-poo" her strategy for funding 529 plans for education? Keith, commenting on Spotify, wants to know about reimbursing yourself from a 529 plan for the scholarship amount used for education without penalty, and Wendy way up in New York wants to know if she should use retirement funds to pay for college and home renovations. Plus, what are the pros and cons of starting Roth conversions for Renee in Wisconsin, and is she on track for retirement? Will the IRS penalize Dan in Michigan for not paying Roth conversion tax in January? With the 5-year Roth clock, how does compounding interest work when Aaron in Ohio changes custodians? And Kirk in Iowa wonders how the Affordable Care Act tax credit works with dependents. 
Timestamps:
00:55 - Why Doesn’t My Financial Advisor Want Me to Fund 529 Plans? (Becca, FL) 08:19 - Is 529 Plan Self-Reimbursement for Scholarships Okay? (Keith) 10:22 - Should We Use Retirement Funds to Pay for College and Home Renovations? (Wendy, way up in north NY) 18:11 - Pros and Cons of Starting Roth Conversions: Are We On Track for Retirement? (Renee, WI) 28:58 - Is the IRS Going to Penalize Me For Not Paying Roth Conversion Tax in January? (Dan, Milford, MI) 30:38 - Roth 5-Year Clock: Compounding Interest on Rolled Over Retirement Accounts (Aaron, OH) 32:19 - How Does the Affordable Care Act Tax Credit Work with Dependents? (Kirk, IA) 37:11 - The Derails Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw-452 
ABCs of College Funding - free download Money Saving Tips fro Funding College - YMYW TV How to Save for Education; 529 Plan, Coverdell, Prepaid Tuition and More - on-demand webinar Episode Transcript Ask Joe & Big Al On Air for your Retirement Spitball Analysis