A "Top 10 Personal Finance Podcast" and a "Top 12 Retirement Podcast" (US News & World Report, 2023). One of the "10 Best Personal Finance YouTube Channels" (CardRates, 2023). “Best Retirement Podcast With Humor” (FIPhysician, 2020, 2021, 2022, 2023). Learn strategies that can help you retire successfully. Financial advisor Joe Anderson, CFP® and certified public accountant Big Al Clopine, CPA are making fun out of finance as they answer your money questions and spitball on your 401k, IRA, Roth conversions and backdoor Roth IRA, how to pay less taxes, asset allocation, stocks and bonds, real estate, and other investments, Social Security benefits, capital gains tax, 1031 exchange, early retirement, expenses and withdrawals, and more money and wealth management strategies. YMYW is retirement planning, investing, and tax reduction made fun, presented by Pure Financial Advisors - a fee-only fiduciary. Access free financial resources and episode transcripts, Ask Joe & Big Al On Air to get your Retirement Plan Spitball Analysis: http://YourMoneyYourWealth.com
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episode 452: Why Would a Tax Advisor Discourage 529 Plan College Savings?
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