It sure is!!! Thanks for watching.

Sorry you are going through it :(

😟

That is amazing! What a feeling!

I really was blonde.... once upon a time. 😅

Yessss a little bit of VOO or VOOG are always fun too. 😅

😢😢😢

😮😮😮

That's not how economics works at all. We don't have a limited supply of money - we create more money as we create more value, so if those people are creating that value, which they usually are, then they simply have their fair share... BUT that did NOT take away from anyone else. In fact, it usually caused others to also get wealthy and good products to be delivered to customers... cons aside.

@looncraz They have you trained nice and good I see. Trickle down economics was a failure that has shown not to work.

@@Plutoboy85 This has nothing to do with trickle down economics, it's about economic fundamentals. The U.S. can't compete on price for MANY goods... and so we've lost our industry and have an eroding middle class. I mean, it's pretty obvious when you think about it - outsourcing your jobs takes away jobs from Americans. Jobs are being outsourced because it's so much cheaper to produce in certain other countries. If we end that price disparity, those jobs can come back.

🤷🏻‍♀️

First of all it won’t help around 33 million who rely solely on SS since they pay $0 Federal tax now Second it will no pass legislation

Yes, I’ve heard that as well, and it would make sense since the US is considered one of the wealthiest nations. Hence the birth of the American dream.

I feel the same, but 1% is over 3 million people. So when you look at it that way, there are a lot of people in the US making a lot of money.

Frfr

@@ericmichel3857good point

Word.

Exactlyyyyyyyy. For sure.

We don't, and shouldn't, tax net worth. We tax gains. However, we should also tax large loans that are taken out using unrealized gains as collateral. And they should be taxed progressively. Leveraging $0~$500k in unrealized gains? 0% tax (think HELOC) $500k~$750k: 0.5% of loans value > $500k $750k~$1.25M: 0.75% of loans value above $750k $1.25M~$2M: 1.25% of partial loans value Then, a 1% gain per $1M more leveraged, up to 15% total. This tax should be reducible if taken for business purposes (for example, if a loan is taken out to float a company's payroll taxes, this should be exempted fully; if it's used for business investments, it should be cut in half).

​@looncraz If you can't tax unrealized gains, then you shouldn't be able to use unrealized gains as collateral for further asset purchases. Can't have it both ways. Elon Musk not getting taxed on unrealized gains but turning around and using those unrealized gains as collateral to purchase things like Twitter is some serious BS.

@looncraz honestly I think a great solution is to cap stock value and create a system where stocks that would go over that cap must pay the excess as dividends. Then money in retirement accounts can take that dividend tax free and reinvest it. Meanwhile investing not tied to retirement tax advantaged accounts would then show yearly income if invested isethe super secure investments that cap out

@@looncraz that’s an interesting suggestion.

Wooooo!! Welcome 🙏🏼 🤗

That is so terrible. I'm sorry you are going through that.

Yes I’ve been calling months and hearing 30days

@@NikitaDAndrade Yep...same issue here...round and round we go...

@@RGMGFitness Ugh!!!

I am referring to adjusted gross income which includes investment income.

@@AccountingtoScale Ah, thanks for the clarification. Details are actually important in the space you're in. There's a big difference in wage income and investment & so-called passive income. AGI & MAGI. Am hugely curious why most of you on these platforms conveniently leave out these super important and simple details.

@@leonlamar8341 I agree details are important. That's why at this point in the clip kzbin.info/www/bejne/gqaqn4p8nsaajc0 you hear me say AGI. 😁😁😁I am hugely curious why most listeners have selective hearing.

@@AccountingtoScale Yeah, heard the AGI party, but wage income is treated differently than investment income. It all affects AGI & MAGI.

@@leonlamar8341 Cool, thanks for watching!

Thanks for watching! Would have figured what was based off net earnings?

Had to do some research, but I'm seeing that AGI is pre-tax dollars minus deductions. And net income would be the take-home amount after tax

@@Psa354318 Right this is net income. So a $600k w2 employee or a business owner generating $900k of revenue with 300k of expenses are considered the same income for these figures. Both $600k agi.

Certain "eligible designated beneficiaries" (EDBs) are exempt from this rule and may still use the "stretch IRA" strategy, which allows them to stretch distributions over their lifetime. Disabled veterans may qualify as EDBs if they meet the criteria of being considered "disabled" under the IRS definition. The IRS defines an individual as disabled if they are unable to engage in any substantial gainful activity due to a physical or mental condition, which is expected to last indefinitely or result in death.

No, itemizing is only 4 main deductions - property tax, mortgage interest, charitable contribution and medical. If you go the route of itemizing, you need to save receipts related to those items.

He would have 2 ROTH temporarily until he cleans/clears yours out. He moves the funds to a brokerage account by year 10. He cannot put your ROTH funds in his ROTH directly since there is a max amount he can put inside of his roth.

@@AccountingtoScale Ok thanks, when he moves his inherited funds from my R IRA to his brokerage account will he have a tax bill?

@@garykellerup3470 not on a ROTH. Check out 6:03 from the video. That's where I mention the inheritance of ROTH IRA kzbin.info/www/bejne/fX_YZ6iaoNR9jcU

The RMDs for the beneficiary are calculated based on the beneficiary's life expectancy factor, not the original account holder's. If the original account holder passed away in a calendar year before taking that year's RMD, the beneficiaries are responsible for ensuring that the RMD for the year of death is withdrawn. This must be completed by December 31 of the year in which the original account holder passed away .Multiple beneficiaries can indeed split the RMD proportionally based on the percentage of the account they are each inheriting. Each beneficiary would withdraw a portion of the RMD that corresponds to their share of the IRA. Failure to withdraw the RMD for the year of death could result in a penalty for the beneficiaries, which is currently 25% I believe of the amount not withdrawn.

So frustrating! Sorry you are going through it.

@@AccountingtoScale I think it’s stolen now I called the IRS they said the check was mailed on the 15th.

@@SOURAVEMEL 😮

You can view that by creating an account with the IRS online by going here: www.irs.gov/payments/online-account-for-individuals

@@AccountingtoScale thank you very helpful

Jessica Lyle

Grove lane

to probably let you know you won't be able to change it for a period of time.

If your letter says 60 days, then its 60 days. If it doesn't say 60 days, then it's 30. With COVID things temporarily changed. I would recommend making a change ASAP so you don't have to worry about 30 vs 60 since you did it asap.

hmmmm not sure.

@@AccountingtoScale okay thank you

Sadly only $1000 for IRA yes but catch up contribution on 401k is $7500. The difference is small depending on your tax bracket. If you are in the 24% bracket for example, that is $240 tax savings.. and that tax savings continues to grow tax deferred which can compound quickly over time. Yes, if the tax bracket is 10%... then the savings/compounding is much smaller.. but in general tax deferred compounding will always be better than taxable earnings... especially because they tend to get spent instead of compounded. Thank you for watching :)

good luck. they are decades in the game.

@@AccountingtoScale doesn't mean they can't lose ;)

Elaborate please 🤔

Yes I believe so, if it's cancelled.

Great tip for an updated video.

Mortgage backed securities aren't illegal. There are still many people making lots of money with them. Mortgage backed securities do not cause foreclosures. Thanks for watching!

@@AccountingtoScale foreclosuring on a house without perfected interest... The banks discharge our mortgages annually... And after pooling them they have no direct interest in them? True or false??

@@DaneMcFalls no idea.

I am a small business owner. My clients are small business owners. How tax changes impact small business owners is what I care about the most. This unbiased breakdown presents what both sides have made public about their plans. I won't be making comments on who I will be voting for because its irrelevant to the video.

🤐🤐🤐