August 26, 2023

This week on “Money Talks,” Chief Investment Officer, Troy Harmon, CFA, CVA, is joined by Tax Manager Jessie Thomas, CPA, and Managing Associate, D.J. Barker, CWS®, to discuss housing news, including New Home Sales, Existing Home Sales, and Mortgage Applications. The experts team up to help a couple who tried to do a backdoor Roth IRA on their own. Jessie and D.J. cover the nuances of a backdoor Roth and some of the pitfalls investors can make when reporting it on their tax forms. The hosts round out the show addressing a listener’s question about rolling over excess 529 Plan assets to a Roth IRA.

Timestamps and Chapters

00:00 Market Roundup: Covering August 21 – 25, 2023
22:48Case Study: Potential Pitfalls to a Backdoor Roth IRA
33:54 Q&A Time: Rolling over 529 Plan assets to a Roth IRA

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Tagged IRA contributions, roth conversion, MBA Mortgage Applications, 529 Plans, Backdoor Roth IRA, new home sales, taxable event, 1099-R, jobless claims, distributions, SECURE ACT 2.0, Education planning, existing home sales, custodial accounts, taxes, S&P 500 index performance, Roth IRA rollover