Tax planning: IRS penalties for putting too much money into a Roth IRA
Wealth-Building Made Simple
English - March 09, 2023 15:22 - 12 minutes - 11.8 MB - ★★★★★ - 12 ratingsInvesting Business Entrepreneurship Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
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Summary notes:
Roth and Traditional IRAs are special trust accounts allowed by the IRS to promote financial security for Americans in their non working years later in life. To incentivize tax payers to contribute, they allow special tax benefits as long the specific rules are followed. When those rules are broken, even if accidentally, there are penalties that can add up over time.
Alison and Phillip discuss those rules and penalties on this episode.
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