Thanks for putting up w/ me & waiting patiently😋
To get any of this, you need a basic understanding of new QCD anti-abuse rule. Basically, any QCDs are 'rejected' until total amount rejected = DEDUCTIBLE Trad'l IRA contributions made ≥ 70.5
Behold the glitch in the Matrix!🤓
To get any of this, you need a basic understanding of new QCD anti-abuse rule. Basically, any QCDs are 'rejected' until total amount rejected = DEDUCTIBLE Trad'l IRA contributions made ≥ 70.5
Behold the glitch in the Matrix!🤓
TL/DR Version: By forgoing the Traditional IRA deduction to which one might otherwise be entitled, it's possible to "trade" pre-tax Traditional IRA money for after-tax Traditional IRA money. 🤷♂️
Our Tax Code is absolutely ridiculous!🤯
Our Tax Code is absolutely ridiculous!🤯
A few additional thoughts:
1) This is rough/not edited yet, so don't beat me up on spelling/grammar issues.
2) I'll have a LOT more to say about the anti-abuse rule and planning in a future Kitces.com article
3)👏#Fintwit! The GIF replies to original tweet are 🤣
1) This is rough/not edited yet, so don't beat me up on spelling/grammar issues.
2) I'll have a LOT more to say about the anti-abuse rule and planning in a future Kitces.com article
3)👏#Fintwit! The GIF replies to original tweet are 🤣
@Tedwardperry Thanks for noticing the joint/single thing. Fixed it to avoid further confusion!
