Messing with the Roth IRA

Steve & Ted
Wednesday, July 11th
Moneytracker Don Grant talks about the fees, taxes, and penalties involved.

Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

The thirty K you know just congratulations to Brian in Clearwater. The compared to get goofy journey of Def Leppard July 16 is a banker real courtesies and did here in the morning. Got a couple more picked a pair of giveaway being listed here today tomorrow and Friday for your chance to go to the concert person Stephen says. Now three big vein. The diversity council planning a new water treatment plant. Seeing it suspects arrested in killing of Wichita woman's life president truck traveling in Europe he will meet with Horton. Three big things even dead. On Tuesday in a sense. It's eagle watch out for traffic slowed down a Harry and it's still that's west of George Washington boulevard injury traffic accident there in the lancet that. Perry and the stealth traffic update from cape and SS radio guys chamber sunny and hot today with a high of 97 degrees. I'm familiar mostly clear tonight the overnight lows 74. Thursday sunny and not tomorrow's night 98 degrees a little speaking tomorrow. Now partly cloudy SE but it five miles per hour a muggy 75 degrees theaters as weather front you by the modern art. We explore your love of America's native spirit every Wednesday with four dollars like urban universities. Located 579 west Douglas. In his story delays know the Mon march. Some sad news this morning done grants the appeal the money tracker on the sadness sad news me John Shaw a rescued English Bulldog with a nasty under Biden dangling tone that earned her the title of world's ugliest dog last month as I aid. Tuesday she's nine years old on up. FaceBook page for Jean's job owner Megan brainer to confirm the dog died in her sleep. Thompson's three weeks ago we saw Joseph won the hearts and judges in Petaluma California when she earned the top prize in the 2018 world's ugliest dog contest at 15100 dollars for freighter. Normally held the title for a few weeks had the wrong people on all the first stocks continue to make gains for the week or play him. The Dow up for the fourth Dana grow up on 143. Points. At 2400919. The NASDAQ Composite up three at 7759. USP 500 up Tenet when he 7983. And the Russell 2000 hit an all time high. Then pulled back on Dow Jones Industrial Average UnitedHealth and he's. Each hit all time highs Procter & Gamble Dow DuPont and borrowing helped to lead the way in percentage terms. Google had some late day volume and volatility. This is after Google is facing a multi billion Euro European Union antitrust fine. Also Pepsi gained after its quarterly report a four point 7%. On the floor of the New York Stock Exchange and open early eighties Fox News. Kansas state university of playing to increase the athletic department budget for the upcoming fiscal year after setting a record in donations this year. The university announced Tuesday that the athletic department received cash payments of thirty point nine million dollars who's this in the last fiscal year Kansas state university and and Manhattan Kansas all the wildcats. Let's let's not giving for academics just so us parents compare a little more poll come on yeah Albion old you know plot for the next fiscal year. The athletic department's budget will increase by eight point nine million dollars to 82 point one million dollars it is more expensive to have a football team. It's important because that's what people go to college for I was right all. We go to college go to vote voted to Wear their long Iraq whose. Coach like I am rob Roth Roth well they over the names of those and universities and in the former movie said. There is a very Medford Bedford will always want and that's what it. That's redundant to school Medford aren't messing with your Roth IRA Don grant Ciampi he managed. That money rather have Roth messer Coleman's effort. Put rob rob Buffy. Oh my goodness. Mr. my. Rocky Juarez are after tax investments that offer tax free growth and distributions that. It is. If all the rules were followed correctly. Investors using raw provisions need to be aware premature distributions that. It negates some of the tax free elements of the Roth IRA. Now much of the reasoning behind the tax free distributions is centered around the fact that. After tax contributions were put bad so the owner has access to that money anytime they want. That's why did true but I was some qualifying conditions. A distribution is qualified if it is at least five years in taken five years after the Roth IRA owner. Candidate for the first time. And they are several other conditions. If the Roth owner is at least 59 and a half at the time of the distribution monies and people with out penalty in fewer than five years. A first time home buyer can use the monies for a homebuyer expenses with a limit of 101000 dollars. Eight disabled Roth owner can take. Take out the money's without penalty. And the five year rule is dissolved if the initial Roth owner has died and passed yes it's on to a beneficiary. Roth conversions can't help it investor avoid taxes later in life by paying them now. The concept is at the assets will continue to grow in the rock. And allow for tax to free withdrawals later. All assets converted are considered taxable income for the year that they are converted. But watch out. In some cases investors take it distribution from a traditional Ira to cover the taxes. Required for the conversion. If the investor is younger than 59 and a half those are a monies used to pay the taxes. Are considered a distribution. And could incur a 10% early withdrawal penalty in addition. To the taxes that are due. It's often best to use outside monies to pay conversion taxes and of course via any questions you give me call number six report. 22. When he threw today is National Mall he told day. Hello heat so known to be the favorite drink of author Ernest Hemingway yes that'll be it was a traditional Cuban high ball consisting of flight from sugar line Jews. Partly water and bit this has become vetoes are tasty for my wife and I this has become one of our favorite summer drinks the more Ito. Do you model that. What does that mean. You model that was Michael and some view models from them and then there's no I don't model anything and you're putting us came of sugar we usually came in there you see it at some sort of restaurant or establishment. You know and got half the time they say oh we don't have a removed lose but yeah. And one W in Florida one time in the years ago they had mango. There and I'd have to the eggs well I think mangled Allen. They've done their right and I thought if I brought us something about alcoholic beverages that you would do it I would be instead. Complete dunce this. I as I know nothing about it area the national low 20 days thank you guys elements of our eyes. Fighter destroys a house in central what you toss. We got the story Stephens at the morning on in assess.