It is a tax-free Roth IRA conversion, where those who are Roth ineligible fund a Traditional IRA with after-tax money and then do a conversion; because the IRA was funded with after-tax dollars, the conversion is “free”. The loophole was originally slated to be closed but ultimately was not in the final BBB bill.
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It’s not really tied up… AFAIK you can borrow against / from retirement plans for things like buying a house, etc.
Yes a loophole for the “rich”. However 200k for married couples is no where close to rich in most cities!
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We have a foreign tax carryover** from a previous tax year that I’d like to use up, and my understanding of the matter is elementary at best.
Is this is as simple as investing in an ETF / stock / mutual fund that will generate income in a foreign country that withholds taxes before we see the net proceeds? Or am already in outer space with my question?
(I’m perfectly comfortable researching / screening a bunch of investments within a specific category to decide exactly which to buy, I just don’t understand how to start looking for the right candidates).
Is this strictly an “Ask your tax person question,” or is this a relatively straightforward scenario?
** On Schedule B, Form 1116, Line 8.
agree 100%
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Loopholes are features of the tax code that benefit other people.
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Can’t beat them join them eh?
Still don’t want any filthy children, even with the tax credit loophole.
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I’ve always lived by the ‘options’ approach. I think it is far more advantageous to have both taxable and non-taxable vehicles to draw from in retirement, and evaluate methodology at time of distribution. This sets you up for much more flexibility.
Personally not a fan of crystal balling my future tax brackets or future tax code.
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I haven’t been eligible for a credit since I started paying taxes.
I Have no issues with people getting their taxes back. I have issues with people that don’t pay taxes or work getting credits though.
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Everything else in my head right now would cause an inevitable downward spiral in this thread.
So… may the Queen rest in peace.
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She won’t freeze to death with the lower crust this winter that’s for sure.
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I put all mine in metaverse real estate.
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Perhaps naive, but a friend described retirement planning as “poverty insurance”. If you’re poor when you retire, you’ll be taxed less and will get less withheld from a pre-tax account. If you’re rich you won’t care / be impacted by the tax on your pre-tax account or by the money coming out of it.
Not saying I agree but found this to be an interesting take. Not sure where that puts you if you’re neither rich nor poor when you retire
honestly ive been just putting more and more on boomer stuff like coca cola/att/mcdonalds/ibond and sofi bank for apy
Strange take. You should always try to optimize things to minimize your tax burden. The way to do that is the main thing being debated. Everyone always cares about how much tax they pay.
I have accounts at SoFi also (same reason), but I saw this yesterday.
*I had an account at UFB several years ago. *
I closed it because (at least at the time) they had no branches and didn’t accept deposits at any ATM in the USA… which would have been okay except they also had laughably small mobile deposit limits and the ACHs were slow.*
(They may have addressed some or all of this by now.)
The asterisk leads here. The tiered-rate phrase is interesting, since all the tiers currently pay the same APY. 
*The Annual Percentage Yield (APY) is accurate as of 9/9/2022. The interest rate and corresponding APY for savings is variable and is set at our discretion. This is a tiered variable rate account. Interest rates may change as often as daily without prior notice. Fees may reduce earnings.
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It could double, but it could also go to 0 where it belongs 
Down 87% this year is some Cathie Wood-level achievement. Speaking of
“This time around, thanks to ride-hailing, and soon less-expensive autonomous taxis, individuals are unlikely to prioritize auto debt payments over mortgage payments, which could turn backward-looking quant models upside down” added Wood.
I don’t know about you, but I base all my decisions on backwards-looking quant models 
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Normally do the inverse of Cathie…but she may be getting this one right!
Just like when she said oil was going to 12 bucks or whatever. Such delusion, borderline criminal
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