So sell 40-45% of the company in the first two rounds?
@LA2JERSEY21 күн бұрын
Thank you! I finally got it after watching it 10 times.
@tracimunroe327526 күн бұрын
Can Traditional IRA only be converted into Roth IRA by a broker? What about credit unions IRAs can they be converted?
@GrossAnatomyАй бұрын
I’d love to know more about Jack, I’m in an opportunity zone in Manhattan- and founder of a content studio focusing on life sciences. I’ve only yesterday learned about opportunity zones- I’m glad you’re making these videos and made this channel🎉
@TyvaeerwatАй бұрын
Is the cap gains after 10 years subject to CA/NY taxes?
@buyyourhomeАй бұрын
Matt did a great Job!
@ryanmoffatt4957Ай бұрын
This video is EXCELLENT! Thank you for putting it out into KZbin land...
@jasneskisАй бұрын
I know a co in opportunity zone. They are selling as soon as built to be stabilized by OZ buyer. I was upset it wasn’t OZ for me. I am a bit concerned if Capital gain taxes go up to 44% by 2026-27 when taxes are due. All those who put off paying taxes till then will be paying more.
@christie4336Ай бұрын
So.... you have to have Cap Gains to get the preferred tax treatment ( No cap gains after 10 years). I wonder if you can use Cap Gains to start the fund and then pay the cap gains ( if budget allows) before 2026 2027.
@saadawalАй бұрын
Thank you!
@adam_ackermanАй бұрын
What is the best oil/gas company to resell their investments? 1099 sales
@neilroy8840Ай бұрын
LOL
@jmcqueen73552 ай бұрын
When you convert to a Roth, and pay the tax to the IRS, do you have to fill out a form when you want to pay estimated tax? Or just go online and use the IRS online payment system? Not sure how to handle paying the tax when I convert. Thanks!
@pangmeister2 ай бұрын
Sorry that I have another question. I have another 1099R form in code H. Then it is just a roth to roth transfer. Do I need to do anything in 8606? Since no non-deductible IRA contribution is involved here, I will presume no?
@pangmeister2 ай бұрын
Thank you for your excellent video. I have a question on line 6. I have a traditional IRA but it is not with the same brokerage that I am doing ROTH on. Do I still get to use the clean method?
@MRLINGERAYE2 ай бұрын
So what I don't understand if it is a non-deductible account that we're going to contribute to first and then we wait a day and roll it over to a Roth IRA why would we not just contribute to the Roth on day one if we're still going to be taxed? Is it because contributing to a traditional IRA will decrease the gross income ?
@stellpyКүн бұрын
careless tax law that lobbyists happen to enjoy enough to keep broken
@titustan36612 ай бұрын
Thank you for this detailed and super clear explanation of the different scenarios to accomplish a backdoor roth conversion. I've always had questions about how to do it properly with existing traditional IRAs. Your explanations help me figure out if we should bite the bullet and convert the whole amount of the traditional IRAs to the roth and pay the taxes one time. Just awesome. I'll be using this video as reference for other family and friends who are in the same situation. Cheers!
@brioncrum95232 ай бұрын
We are looking forward to using C-PACE for OZ projects in Texas. Unfortunately Arizona is one of the few states that don't have a legislature that has ever understood the positive impacts and benefits of CPACE
@opportunitydb2 ай бұрын
Reach out to your AZ state reps and let them know!
@chriswirth59752 ай бұрын
Thank you! Very informative...will share with all my people.
@mimmyliantono19592 ай бұрын
Great tutor and presentation. My question is do I need to enter the value for my 2022 Roth conversion this year when I fill out 8606 for 2023
@joebudi51362 ай бұрын
If I bought my house, which is located in an OZ 5 years ago, is there any way I can take advantage? I did not set up a QOF as I did not know there was a tax benefit.
@joebudi51362 ай бұрын
I bought a home in an opportunity zone 5 years ago, but never filled for it. I sold another piece of land (not in a zone) and I am hoping to offset some of the capital gain tax on the land sold. Is it possible to use some of the Op Zone tax benifit this tax year?
@SharifMatar2 ай бұрын
Search Fieldvest
@ecnorthernlights20942 ай бұрын
First time doing a backdoor roth ira. Contributed and converted in January 2024. I did not get a 1099-R this year. Do I still report that I contributed to a traditional IRA (turbotax) for 2023? Do I need to do a 8606 this year (for 2023)?
@Duckgree2 ай бұрын
How Can obtain more information about that platform?
@bugnvl24842 ай бұрын
Fantastic content
@ulvitron2 ай бұрын
Thank you so much for making this video. I finally understand this. I was hung up on line 22 and 24, but you helped me realize that is part 3 , and part 3 is just for distributions.
@lilianah35052 ай бұрын
No scenario with line 4 filled? When you covered scenario 1, you said that you will have a scenario where line 4 will be filled, but none of the scenarios have line 4 filled. Should it be filled in scenario 2, "Late contribution?"
@violinandvox47143 ай бұрын
At 4:00 I have a question, why is the gross expected revenue figure the same $ per unit when units vary from 458sf studio to 1051sf 2 BR?
@michaelwijas23863 ай бұрын
Excellent tutorial. Can you reclassify 401K money that has been rolled into an IRA back to a 401K?
@freewisher3 ай бұрын
Thank you so much for the super clear explanations that covers various cases. It is very helpful!
@user-gi4nb5jq5h3 ай бұрын
in the event I have a product that has only perfect 5 star reviews in all states, who to pitch to?
@jessecote89293 ай бұрын
👉 "promo sm"
@Dan-yk2sv3 ай бұрын
thanks
@therobparisi3 ай бұрын
Thank you for positing this!!!
@inazali13 ай бұрын
I have 335K in Rollover IRA from my old job. I want to do backdoor Roth IRA this is year for 2023. Do I have to treat rollover IRA as traditional IRA? And put the existing investment in form 8606?
@testing88113 ай бұрын
yes you would but it would be smarter to rollover the ira into a 401K so that the backdoor roth ira contribution is tax free. if you keep it in the rollover ira & do a backdoor roth ira contribution you're going to create a taxable event on the conversion.
@jeffcisson53733 ай бұрын
2 Questions: I'm married filing jointly and did a back door Roth in my name. 1) I plan to do a 8606 but does my wife also need to do a separate one? 2) If so, does she just enter zeros or use the same data I populated in mine?
@tonywen66843 ай бұрын
Scenario 2 is me, thank you so much!
@mdnet783 ай бұрын
Great video, what happens in a scenario that I deposited 6500 max to traditional and before converting to Roth it earned 10$ interest in the same year and I ended up converting the entire 6510 to Roth to zero out the traditional balance at end of year?
@sidc43203 ай бұрын
Yes, very common scenario, please make a video on it!
@mdnet783 ай бұрын
@OpportunityDb
@alyssasdiary77463 ай бұрын
@@sidc4320 @OpportunityDb
@darryls80664 ай бұрын
So if I were to invest my 2024 Capital Gains into a QOF the OZ program EXPIRES at the end of 2026. So I would be deferring paying taxes for a couple of years? In the meantime it looks like I would have several obstacles to overcome. 1. Big cost for OZ guidance. 2. Annual management fee. 3. Possible higher tax rates for 2026 taxes when you will have to pay up. 4. Real possibility that this QOZ investment could lose substantial value just when you need to get out of it. 5. Possible extra Fees (carried interest etc) to get out of the fund. 6. Unexpected Tax Law changes. The more that I learn about these QOF's the more that I am inclined to just pay my 2024 Taxes on my CG and move on LOL. Just seems to be a case of the dog chasing its tail LOL kzbin.info/www/bejne/qXSpq6mVmNmmd6s Is there something that I am totally missing?
@opportunitydb4 ай бұрын
@darryls8066, yes the deferral period is only through 2026. Your other points 3 and 6 are valid criticisms of OZ investing. Regarding point 1: there is a big cost if you want to set up your own QOF, but you don't need a ton of OZ guidance to invest in a professionally managed QOF as an LP. You can peruse our list of QOFs seeking investors here: db.opportunitydb.com ... I would also encourage you to attend our free event for investors, OZ Pitch Day: opportunitydb.com/pitch-day/ ... Re: points 2, 4, & 5: fees and loss of principal are inherent in any investment of this nature; these challenges are not confined to the OZ program. There's one big benefit you're missing, yes. Your OZ investment grows tax-free, akin to a Roth IRA. Let's say your $100 investment that grows to $250 after 10 years. Ordinarily, you would owe tax on that $150 gain. With OZ investing, there is no tax to pay on the $150 gain. I hope that all makes sense. Let us know if you have any additional questions!
@markc904 ай бұрын
Thank you so much!
@curtiscoolio4 ай бұрын
scenario 4 is me but a few more complicated tweaks. thank you as i venture off into another week of, i hope i'm doing my taxes right
@kevinkelly18754 ай бұрын
Outstanding job men!
@ScottsdaleMint4 ай бұрын
Thank you for having us!
@joewesley98853 ай бұрын
@ScottsdaleMint, great video!
@adrianm45064 ай бұрын
unaudited bot w secret rules returning 30%/yr ... right
@joeybecker50744 ай бұрын
What if I did a back door Roth conversion in 2022 but never filled out the 8606? I didn’t know I had to fill it out until now for 2023.
@user-cr1iz8fw6h3 ай бұрын
You can amend your 2022 return and attach 8606
@Flampo4 ай бұрын
People don't want to pay taxes because the money goes to shit. If the money went where it should, taxes between 2-15% wouldn't be a problem at all.
@mdnahidseo4 ай бұрын
U need a professional youtube thumbnail designer?
@CREDirect4 ай бұрын
Great insight!! Thank you!!!
@hugachuka4 ай бұрын
Would a non-capital gain investment still be considered a qualifying contribution to a QOF?
@opportunitydb4 ай бұрын
It's perfectly allowed to invest non-capital gains dollars. But a non-capital gain investment does not receive any of the tax advantages of QOF investing.
@hugachuka4 ай бұрын
Interesting. So if i started a QOF with only non-capital gain investments, say rehabbing a retail strip, the gain on sale of the property aka the QOZB would not be eligible for the step up in basis to FMV upon a 10yr hold? I understand you don’t get a deferral, but I would think only incentivizing capital gain investment would limit the effectiveness of the program.
@opportunitydb4 ай бұрын
@@hugachuka That is correct. The basis step-up to FMV at disposition after a 10-year hold applies only to capital gains dollars. It's how the statute was written.