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Posted on 1/10/20 at 3:35 pm to lsudave1
What in the world are you talking about
Posted on 1/10/20 at 3:58 pm to Big Scrub TX
I'm not a prog, but what is me?
It’s a mystery.
It’s a mystery.
Posted on 1/10/20 at 4:00 pm to roadGator
WAS it me
Posted on 1/10/20 at 4:02 pm to lsudave1
quote:
ETA: I’ll reserve judgement as obviously these responses are all trolls
You're the kind of person who likes to stick your hand in another's pocket to pull out their wallet. You think the government owns the money and just gives us all a little bit of permission to spend some of it. I'll also bet you can find better ways to spend my money than I can.
And what is the purpose of a Roth IRA anyway?
Posted on 1/10/20 at 4:07 pm to Big Scrub TX
No. It was a real prog. I just give you shite about it. It was a civil discussion in person.
I pointed out all his virtue signaling and he handed me mine back in the form of the abortion issue.
I knew what you meant to type of course.
I pointed out all his virtue signaling and he handed me mine back in the form of the abortion issue.
I knew what you meant to type of course.
Posted on 1/10/20 at 4:08 pm to lsudave1
What exactly is your issue?
I am invested almost entirely in a roth IRA. I have already paid taxes on my contributions. People in regular IRA's contribute pre tax.
I'm banking on the hope, that my taxes are lower now, than they will be in 30 years when I need to start withdrawing. So I have paid the taxes up front.
Its a risk, but with the direction our country is headed I don't see anyway our taxes will be lower in 2050. If they are lower, well I miss caculated, and thats on me, I don't owe any more (again, its been taxed already) but I would have been wiser to have gone the route of a traditional IRA and not paid taxes on my contributions.
I also like the flexibility with a roth IRA, where I can withdraw any contributions without penalty (again i've already paid taxes on those funds). A traditional IRA you get hit with a penalty if you withdraw prior to turning 59.5.
DO you understand how a roth actually works? No one can just transfer pre tax IRA contributions to a roth IRA and get out without paying taxes. They will get hit with a penalty, and have to pay taxes on that money upon transfer.
I am invested almost entirely in a roth IRA. I have already paid taxes on my contributions. People in regular IRA's contribute pre tax.
I'm banking on the hope, that my taxes are lower now, than they will be in 30 years when I need to start withdrawing. So I have paid the taxes up front.
Its a risk, but with the direction our country is headed I don't see anyway our taxes will be lower in 2050. If they are lower, well I miss caculated, and thats on me, I don't owe any more (again, its been taxed already) but I would have been wiser to have gone the route of a traditional IRA and not paid taxes on my contributions.
I also like the flexibility with a roth IRA, where I can withdraw any contributions without penalty (again i've already paid taxes on those funds). A traditional IRA you get hit with a penalty if you withdraw prior to turning 59.5.
DO you understand how a roth actually works? No one can just transfer pre tax IRA contributions to a roth IRA and get out without paying taxes. They will get hit with a penalty, and have to pay taxes on that money upon transfer.
This post was edited on 1/10/20 at 4:48 pm
Posted on 1/10/20 at 4:12 pm to lsudave1
I'd say you would get a better discussion on the MT board, but that board has been infested as of late.
It's legal because Congress sets tax law and then decides what is and isn't taxed.
Maybe what you are getting at, is how earnings are handled.
In both Roth and Traditional, your contributions are, at some point, taxed. (Roth when you make the contribution, Traditional, when you take it out)
But the earnings portion, in a Roth, are eventually tax free (provided you meet the rules), while in a Traditional, the earnings are taxed.
You could make an argument that this is inconsistent tax policy, but 99.9 percent of tax policy is inconsistent, so...
Roth IRA kinda is the ultimate "kick the can down the road" for the feds, though. The feds are saying, hey, give us some money today, and we will agree to not take a bunch more money later on".
As someone who supports low taxes and low spending, I support that, but it's really bad fiscal policy for the government as a whole, especially since they can't figure out how to cut spending.
quote:
legality
It's legal because Congress sets tax law and then decides what is and isn't taxed.
Maybe what you are getting at, is how earnings are handled.
In both Roth and Traditional, your contributions are, at some point, taxed. (Roth when you make the contribution, Traditional, when you take it out)
But the earnings portion, in a Roth, are eventually tax free (provided you meet the rules), while in a Traditional, the earnings are taxed.
You could make an argument that this is inconsistent tax policy, but 99.9 percent of tax policy is inconsistent, so...
Roth IRA kinda is the ultimate "kick the can down the road" for the feds, though. The feds are saying, hey, give us some money today, and we will agree to not take a bunch more money later on".
As someone who supports low taxes and low spending, I support that, but it's really bad fiscal policy for the government as a whole, especially since they can't figure out how to cut spending.
Posted on 1/10/20 at 4:24 pm to LSUFanHouston
Gains are tax free, but the contributions are taxed.
Traditional IRA people, are able to shave income, and lower their initial taxes for the year (The contributions, don't count against their income) Plus they get more money up front to "put to work" for them.
I think its a fair trade off.
Traditional IRA people, are able to shave income, and lower their initial taxes for the year (The contributions, don't count against their income) Plus they get more money up front to "put to work" for them.
I think its a fair trade off.
Posted on 1/10/20 at 4:28 pm to lsudave1
quote:
How should that excuse an individual from withdrawal without taxation?
Well to start off, that individual did not get a tax deduction for his contribution into the Roth like a Traditional IRA does. He does have to be 59 1/2 to avoid penalty as well. Everyone has this opportunity also.
I will say this, if you compare both on a spread sheet and factor taxes now and taxes later, the net of both is probably better in the non-Roth. So it is more smoke screen really.
Posted on 1/10/20 at 4:37 pm to Superquincy
quote:
Traditional IRA people, are able to shave income, and lower their initial taxes for the year (The contributions, don't count against their income) Plus they get more money up front to "put to work" for them.
As a tax planning tool, Roth's are awesome when you can use "other" money to pay the tax, in other words, you can put the full amount into the Roth.
Posted on 1/10/20 at 4:46 pm to LSUFanHouston
Gotcha, and I agree.
I think thats also worth noting for the thread.
6k max is for either or, accounts combined.
Personally, if I had a company match I would take full advantage of it and load it into a traditional IRA and get a pay increase, and anything under 6k for those contributions i'd toss in my roth IRA to max out my contributions.
But Regarding the OP (not the replied to post), I do not think they have the slightest clue how IRA's or Roth IRA's work.
I think thats also worth noting for the thread.
6k max is for either or, accounts combined.
Personally, if I had a company match I would take full advantage of it and load it into a traditional IRA and get a pay increase, and anything under 6k for those contributions i'd toss in my roth IRA to max out my contributions.
But Regarding the OP (not the replied to post), I do not think they have the slightest clue how IRA's or Roth IRA's work.
Posted on 1/10/20 at 4:46 pm to lsudave1
I have always been concerned that the government will change the rules on them and start taxing them after contributions are in the Roth.
Posted on 1/10/20 at 4:48 pm to skylane
quote:
I have always been concerned that the government will change the rules on them and start taxing them after contributions are in the Roth
It's possible. But the political ramifications on that would be insane. Like, that might be the thing that causes pitchforks in Washington.
Posted on 1/10/20 at 4:49 pm to roadGator
quote:I think all of us in the 1st world could stand to gain from some humility around our circumstances and realiz we must look like assholes to almost everyone else. We fight over if our slice of the pie should be x% or y%, while in most parts of the world, there is no pie at all. And then we go home and watch LSU football in the AC.
No. It was a real prog. I just give you shite about it. It was a civil discussion in person.
I pointed out all his virtue signaling and he handed me mine back in the form of the abortion issue.
The plenty that I am lucky enough to live with really is obscene. Probably you too. But of course we're not going to give hardly any of it up - even though we know 1 billion+ children in the world barely have enough to eat through no fault of their own (obviously.)
Posted on 1/10/20 at 4:54 pm to skylane
That is my biggest concern with my Roth. Current day democrats would not bat an eye at the proposition, and the future ones will be worse.
I am honestly hoping for gridlock at worst. I'd love to see the country move in a more fiscal conservative direction. But ive pretty much given up hope. No one wants to touch entitlement programs. its the third rail for politicians. Thats why I want Trump to get in for one more term, and jump on that fricker.
We are screwed unless we reel in spending. I'm trying to diversify more. I'm stopping just shy of stuffing gold Krugerrands in my mattress for the time being.
I am honestly hoping for gridlock at worst. I'd love to see the country move in a more fiscal conservative direction. But ive pretty much given up hope. No one wants to touch entitlement programs. its the third rail for politicians. Thats why I want Trump to get in for one more term, and jump on that fricker.
We are screwed unless we reel in spending. I'm trying to diversify more. I'm stopping just shy of stuffing gold Krugerrands in my mattress for the time being.
Posted on 1/10/20 at 5:18 pm to lsudave1
Hmm. So, you had the opportunity, but didn't / don't leverage Roth on moral grounds?
Or maybe you are kicking yourself because you realized you screwed up, and now you are butthurt and jealous over all the taxes you'll owe in retirement?
cry me a river.
Or maybe you are kicking yourself because you realized you screwed up, and now you are butthurt and jealous over all the taxes you'll owe in retirement?
cry me a river.
Posted on 1/10/20 at 5:34 pm to Big Scrub TX
Meh. I sponsor two kids in quatemala, help a homeless shelter, help a battered woman’s center, volunteer at a reserve and other things.
Could I do more? Sure. In the middle of a downsizing plan to accomplish just that.
I can’t stand progs that tell conservatives that we don’t care when I know I likely do way more than most of them.
Could I do more? Sure. In the middle of a downsizing plan to accomplish just that.
I can’t stand progs that tell conservatives that we don’t care when I know I likely do way more than most of them.
Posted on 1/10/20 at 5:34 pm to Superquincy
Fiscal conservativism been dead since the before the boomers were born. Everything since been lip service.
Posted on 1/10/20 at 6:04 pm to lsudave1
quote:
Right you can place money into your 409k
Into your what?
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