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