Thanks for visiting our personal finance channel! We hope this content will help fast-track your financial journey! Please note that there are questions/ comments which I will not be able to answer without fully understanding your financial, personal & other circumstances. Everyone's financial journey is different. If you wish to set up a consultation call & discuss whether we can help you on an individual basis, please complete the Work With Us form on our website: www.diamondnestegg.com 🎯 GRAB YOUR COMPLIMENTARY FINANCIAL GOAL SETTING & BUDGETING TEMPLATE! www.diamondnestegg.com 👉 POPULAR PLAYLISTS Life Insurance: ruclips.net/p/PLsv_4H5rP97EiTHj1jmUf5wJn0uNbC8Gf Health Insurance: ruclips.net/p/PLsv_4H5rP97G31qabRU8Ip5i5LpckLeVk Retirement: ruclips.net/p/PLsv_4H5rP97Ezg5K3FXLsBS8Xz2JCGiAI Annuities: ruclips.net/p/PLsv_4H5rP97FD58emP6HEQCX_dIBRTaEg Health Savings Accounts (HSA): ruclips.net/p/PLsv_4H5rP97GCjXFBKBNSrFySsXv-mDrS Student Loans: ruclips.net/p/PLsv_4H5rP97H4ZLmfeYfnpeGvgRhHOVlZ Investing: ruclips.net/p/PLsv_4H5rP97HtL67HFjg5sFkvKz0sYxPj Credit Scores & Paying Off Debt: ruclips.net/p/PLsv_4H5rP97FXfO4p_MvsHPxHGyR6HbES Best Credit Cards 2021: ruclips.net/p/PLsv_4H5rP97GuQFQJQXplrxoI1oNzRol9 Budgeting for Beginners: ruclips.net/p/PLsv_4H5rP97GiJsE9l3xk7XVSgN0UqpxS Emergency Funds & Saving Smarter: ruclips.net/p/PLsv_4H5rP97HAQN6--XeMyXgKyXOfMuXW
What forms do i need to file for Excess contribution removal on ROTH IRA ? ( my situation -No conversion, directly contributed, money already taxed ) .. what form i need to file , is it form 8806 or form 5329, or both or more forms . Please help me with this question, really appreciate it. Thanks!
We're not tax advisors, but what clients normally do in this situation is to first contact the brokerage where their IRA is held at and get the excess amount removed. Your brokerage company should then be able to direct you to the next steps, including which forms need to be completed. Let us know how things go!
I’m 60 and had my ROTH for well over 5 years, but when I withdrew funds, I was asked to or if I wanted to pay taxes. Should I decline to pay the taxes?
I used to do the backdoor conversion from traditional to Roth IRA due to the income limitation. However I might have just accidentally contributed directly to the Roth IRA instead of doing the conversion. Does it mean that the money I contributed this year are not going to be tax free for the earnings on it upon distribution? If so, are there penalties for withdrawing the amount I contributed this year? Can I then contributed to traditional and then convert to Roth? Thanks!
Amazing Teacher! Full of information I understand the best from you . Please a class how to open account with Fidelity for me and my minor, and when can i open a Roth Ira for my child . Advantajes that have account with Fidelity . I am in the low income bracket.
So helpful. Can I withdraw my contribution for good, and keep my earning for continuing investing? For example, I contribute 5k. After investing, I earn 2k. Can I withdraw that 5k for good, and continue trading w/ the 2k from my earning?
What would happen if I withdrew my Roth and lost money on it? For example, my contribution was $7, 000 and my withdrawal was $6,200 meaning that I lost $800.
@@DiamondNestEgg Thank you for your quick response. On a related note, one of my family members opened a Roth account last December, 2021. He made a lump sum contribution of $7,000. Today, his Roth account is worth only $6,147. He has been losing money ever since he opened the account. Question: should he withdraw the money and take the loss, and instead invest the money into a Series I-Bond savings account?
@@maxanguiano6935 The market has not been kind to many in the first half of 2022. I don't know you/ your family member's financial situation & am not you/ your family member's advisor, so can't comment specifically on your question, but for educational purposes - generally speaking: 1. The cost of retirement is expensive 2. Investing in retirement is a long-term financial move & 3. The sooner you start saving/ investing towards retirement, the more time your money has to grow & weather out the market's ups & downs. I'll be doing a video on retirement & I-Bonds in the coming weeks, so stay tuned. In the meantime, it might make sense to check out this 4-Inflation Must-Dos video if you haven't done so already - it'll help shed some perspective on all this: ruclips.net/video/203ZfcqO_WQ/видео.html
@@DiamondNestEgg Thank you so much! One last question, if you don't mind, I want to open a Roth savings account. I plan to make $500 monthly contributions. Should I open the account today, or should I wait?
@@maxanguiano6935 It's really up to you in this case - assuming your cash is just sitting in a bank account & not earning much interest, you could just open the Roth IRA, set up the monthly contributions/ transfers & invest when you're ready.
Hi there! Your content is very helpful and a blessing. I have a question as I am trying to buy a house. I have held my Roth for more than 5 years but not 59.5 years old. I understand I can take our my contributions without taxes/penalty and up to $10k in earnings without taxes/penalty. ***I need to withdraw earnings over $10k for home purchase. Will I be charged taxes and penalty??***
Thanks for visiting our personal finance channel! We hope this content will help fast-track your financial journey! Please note that there are questions/ comments which I will not be able to answer without fully understanding your financial, personal & other circumstances. Everyone's financial journey is different. If you wish to set up a consultation call & discuss whether we can help you on an individual basis, please complete the Work With Us form on our website: www.diamondnestegg.com
🎯 GRAB YOUR COMPLIMENTARY FINANCIAL GOAL SETTING & BUDGETING TEMPLATE!
www.diamondnestegg.com
👉 POPULAR PLAYLISTS
Life Insurance: ruclips.net/p/PLsv_4H5rP97EiTHj1jmUf5wJn0uNbC8Gf
Health Insurance: ruclips.net/p/PLsv_4H5rP97G31qabRU8Ip5i5LpckLeVk
Retirement: ruclips.net/p/PLsv_4H5rP97Ezg5K3FXLsBS8Xz2JCGiAI
Annuities: ruclips.net/p/PLsv_4H5rP97FD58emP6HEQCX_dIBRTaEg
Health Savings Accounts (HSA): ruclips.net/p/PLsv_4H5rP97GCjXFBKBNSrFySsXv-mDrS
Student Loans: ruclips.net/p/PLsv_4H5rP97H4ZLmfeYfnpeGvgRhHOVlZ
Investing: ruclips.net/p/PLsv_4H5rP97HtL67HFjg5sFkvKz0sYxPj
Credit Scores & Paying Off Debt: ruclips.net/p/PLsv_4H5rP97FXfO4p_MvsHPxHGyR6HbES
Best Credit Cards 2021: ruclips.net/p/PLsv_4H5rP97GuQFQJQXplrxoI1oNzRol9
Budgeting for Beginners: ruclips.net/p/PLsv_4H5rP97GiJsE9l3xk7XVSgN0UqpxS
Emergency Funds & Saving Smarter: ruclips.net/p/PLsv_4H5rP97HAQN6--XeMyXgKyXOfMuXW
Hi Jen - Can you please email the chart over to us? Thanks! 😀
Gaby’s taking care of it!
YOU ARE AMAZING. You provide such great, clear-cut information. Thanks for All YOU DO!
Thank you! I like the way you explained it!
You’re very welcome! Let us know if there are any retirement topics you want us to talk about 😊
Great detailed video!
Thanks - glad you found it helpful!
What forms do i need to file for Excess contribution removal on ROTH IRA ? ( my situation -No conversion, directly contributed, money already taxed ) .. what form i need to file , is it form 8806 or form 5329, or both or more forms . Please help me with this question, really appreciate it. Thanks!
We're not tax advisors, but what clients normally do in this situation is to first contact the brokerage where their IRA is held at and get the excess amount removed. Your brokerage company should then be able to direct you to the next steps, including which forms need to be completed. Let us know how things go!
@@DiamondNestEgg thank you for the info.
@@musicful7036 You're welcome - let us know if you have any more questions!
I’m 60 and had my ROTH for well over 5 years, but when I withdrew funds, I was asked to or if I wanted to pay taxes. Should I decline to pay the taxes?
If you're older than 59-1/2 when you convert a traditional IRA to a Roth, does the 5-year rule apply?
I used to do the backdoor conversion from traditional to Roth IRA due to the income limitation. However I might have just accidentally contributed directly to the Roth IRA instead of doing the conversion. Does it mean that the money I contributed this year are not going to be tax free for the earnings on it upon distribution? If so, are there penalties for withdrawing the amount I contributed this year? Can I then contributed to traditional and then convert to Roth? Thanks!
Amazing Teacher! Full of information I understand the best from you . Please a class how to open account with Fidelity for me and my minor, and when can i open a Roth Ira for my child . Advantajes that have account with Fidelity . I am in the low income bracket.
I’ll add it onto our list!
I am 37 years old. I inherited my dads 401k which i rolled over into a roth bda. Does the 10 year rule pertain to me? Ans should it be taxed?
So helpful. Can I withdraw my contribution for good, and keep my earning for continuing investing? For example, I contribute 5k. After investing, I earn 2k. Can I withdraw that 5k for good, and continue trading w/ the 2k from my earning?
If I want to withdraw my Roth IRA at age 42. Do I only worry about the 10% penalty at the end of the year? Or is there other fees/penalties?
Good, thx
What would happen if I withdrew my Roth and lost money on it? For example, my contribution was $7, 000 and my withdrawal was $6,200 meaning that I lost $800.
Nothing - you'd have to start all over again from ground zero with your Roth account/ retirement savings.
@@DiamondNestEgg Thank you for your quick response. On a related note, one of my family members opened a Roth account last December, 2021. He made a lump sum contribution of $7,000. Today, his Roth account is worth only $6,147. He has been losing money ever since he opened the account. Question: should he withdraw the money and take the loss, and instead invest the money into a Series I-Bond savings account?
@@maxanguiano6935 The market has not been kind to many in the first half of 2022. I don't know you/ your family member's financial situation & am not you/ your family member's advisor, so can't comment specifically on your question, but for educational purposes - generally speaking:
1. The cost of retirement is expensive
2. Investing in retirement is a long-term financial move &
3. The sooner you start saving/ investing towards retirement, the more time your money has to grow & weather out the market's ups & downs.
I'll be doing a video on retirement & I-Bonds in the coming weeks, so stay tuned. In the meantime, it might make sense to check out this 4-Inflation Must-Dos video if you haven't done so already - it'll help shed some perspective on all this: ruclips.net/video/203ZfcqO_WQ/видео.html
@@DiamondNestEgg Thank you so much! One last question, if you don't mind, I want to open a Roth savings account. I plan to make $500 monthly contributions. Should I open the account today, or should I wait?
@@maxanguiano6935 It's really up to you in this case - assuming your cash is just sitting in a bank account & not earning much interest, you could just open the Roth IRA, set up the monthly contributions/ transfers & invest when you're ready.
She is beautiful 😍
Hi there! Your content is very helpful and a blessing. I have a question as I am trying to buy a house. I have held my Roth for more than 5 years but not 59.5 years old. I understand I can take our my contributions without taxes/penalty and up to $10k in earnings without taxes/penalty. ***I need to withdraw earnings over $10k for home purchase. Will I be charged taxes and penalty??***
I have the same question. Emailed and no response