Hi Mark Kohler here. Let's talk about what I believe to be the most powerful way to build wealth in a tax-divert, tax-free way. It's called the Roth. Now, some of you know the Roth strategy backwards and forwards, some of you are just learning this concept. I want to break down some strategies that will even wow the most seasoned Roth investor. Let's do it. First, what is a Roth? Again, I've got to hit the basics here quickly. A Roth is like an IRA, it's like a 401k. It's a special type of account that you can invest in. You don't get a tax deduction to put money in, but it grows tax-free and comes out tax-free. In fact, you can pull out your contributions anytime you want, but the growth inside of it has to continue tax-free until you're 59 and a half, and then you can pull it out. Which is okay. We need more methods to save. We, as a society, don't save enough. Now, once you open this account and start building it, you can self-direct it. One of my strategies I'm going to blow your mind with, but this Roth account is a powerful way to build wealth for the future. Now, let me share a few strategies on how to maximize its value. First, a problem we have to overcome is our AGI limits. Adjusted gross income limits. The government, the IRS, whatever has said that if you make too much money, you can't contribute to a Roth. You're too wealthy. Not right, well that's the general rule. I've got ways around it but keep that in mind. Because if you go to just open a regular Roth and want to put 5,000 or more into it, you're going to hit a barrier. Well, not with...
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8606 2024 Form: What You Should Know
Form 8606 is used when an individual makes nondeductible contributions to an individual retirement Investopedia How do I file Form 8606, Return of Distribution to an Individual Retirement Investopedia How do I file Form 8606, Return of Distribution to an Individual Retirement For more information about this issue, see Form 8606.
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