Fund a Roth even if you make too much money
04-12-2014, 11:01 AM
#1
New boss = Old boss
Thread Starter
Joined APC: Mar 2005
Position: Ca B737
Posts: 2,762
Fund a Roth even if you make too much money
You might think you can't fund a Roth IRA because you make too much money. You would be mistaken. You CAN fund a Roth by taking advantage of a "loophole" in the rules regarding IRAs.
The short of it is you have to fund a traditional IRA with a NON-DEDUCTIBLE contribution (documented with form 8606) and then transfer those funds to a conversion Roth. The details are better explained on many other web sites. Search, "back door Roth" to read more about it.
If you have extra money you'd like to invest so that all growth is forever free of taxation, check it out. You can buy me a beer later.
The short of it is you have to fund a traditional IRA with a NON-DEDUCTIBLE contribution (documented with form 8606) and then transfer those funds to a conversion Roth. The details are better explained on many other web sites. Search, "back door Roth" to read more about it.
If you have extra money you'd like to invest so that all growth is forever free of taxation, check it out. You can buy me a beer later.
04-13-2014, 05:54 PM
#7
Gets Weekends Off
Joined APC: Dec 2010
Posts: 3,093
Originally Posted by ZapBrannigan
Confiscated? Right. Wait, let me put on my aluminum foil hat so I can better understand.
Don't think for a moment that $20 trillion held by people who work for a living is not on the Democrat radar.
The mentality that it can't ever happen to you is the same as the mentality that you won't ever have a gear-up landing.....
Other countries have already seized such retirement assets from their people:
Friendly Fire: History of government confiscation, raiding, taking of private pension, retirement accounts
04-13-2014, 07:38 PM
#9
Gets Weekends Off
Joined APC: Dec 2010
Posts: 3,093
Originally Posted by mike734
Better keep your savings under your mattress then.
It's important to recognize the possibility of such an event happening, especially since it's happened several times in recent history.
Also important to have a "Plan B" for if/when your retirement accounts/pensions are seized or simply just vanish.
If you fail to plan, you plan to fail.
04-13-2014, 10:12 PM
#10
New boss = Old boss
Thread Starter
Joined APC: Mar 2005
Position: Ca B737
Posts: 2,762
Originally Posted by threeighteen
Your dismissive attitude is not constructive.
It's important to recognize the possibility of such an event happening, especially since it's happened several times in recent history.
Also important to have a "Plan B" for if/when your retirement accounts/pensions are seized or simply just vanish.
If you fail to plan, you plan to fail.
It's important to recognize the possibility of such an event happening, especially since it's happened several times in recent history.
Also important to have a "Plan B" for if/when your retirement accounts/pensions are seized or simply just vanish.
If you fail to plan, you plan to fail.
On second thought, don't answer. I was just trying to help but I see the vast majority of pilots on this forum are young guys afflicted by shinny jet syndrome. Perhaps in about ten years this advice will be relevant.
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