Taxes, Backdoor Roths, Options, and How to Max Out Your Childrens’ Roths with Steven Hamilton

Have tax questions for your upcoming 2020 taxes? Stick around then! We have a mind-blowing episode with enrolled agent Steven Hamilton from Hamilton Tax and Accounting. Mindy and Scott throw a lot of high-level, hard-hitting questions at Steven, so seriously, bring a pen and paper to this episode because you’re going to get some amazing tax strategies for 2020! How do you lower your income on your taxes if you have a W2? How do you add to your roth if you’re over the contribution income limit, and what’s the best way to get your kids to max out their retirement accounts (even if they’re only teenagers). Steven answers all these questions, plus a lot more! Whether you’re self employed or a W2 employee, you have options on contributing to retirement, AND options on leveraging those retirement accounts to fund investments. As always, it’s best to talk to your CPA, enrolled agent, or tax preparer on the best strategy that works for you. As Steven puts it, you need to have a plan for where your wealth is going and how you’re going to distribute it. Since 2020 was such a crazy year, many real estate investors are planning to double down on investments, up their contributions, or leave their W2 jobs. This all needs to be done with a plan and a strategy so you can maximize your investments and distributions. Steven helps spell out the best ways to do these (and more) through a number of different (and interesting) strategies. In This Episode We Cover The differences between joint and separate filings as a married couple How AGI (adjusted gross income) effects your taxes and retirement contributions How to max out your 401(k) to $57,000 UBIT (unrelated business income tax) and UDFI (unrelated debt financed income) How CPAs, Enrolled Agents, and Attorneys differ when preparing your taxes How to perform an IRA rollover into a different account How to put even more money into your Roth Setting up retirement accounts for your children Limiting your stock gains so you pay less tax And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding How to Access Retirement Funds Early – Mad Fientist Check the full show notes here: https://www.biggerpockets.com/moneyshow163 Learn more about your ad choices. Visit megaphone.fm/adchoices