The Rokslide Stock Traders Thread

[BBob]

Maybe not. I’m planning on retiring in less than two years.

Cool but one more thing and then I'll shut up about it. A Trad IRA requires minimum distributions to be taken at age 73 whereas a Roth does not. So at age 73 you'll be forced to withdraw and you'll be paying taxes on that income. Depending on how far out you are from 73 you might be able to salvage some of those taxes with some Roth transfers.

Required Minimum Distribution Age​

General Rule​

You must start taking Required Minimum Distributions (RMDs) from your traditional IRA, SEP IRA, SIMPLE IRA, and employer-sponsored retirement plans when you reach age 73. This rule applies to individuals who turn 73 on or after January 1, 2023.

First Withdrawal Deadline​

• Your first RMD must be taken by April 1 of the year following the year you turn 73.
• For example, if you turn 73 in 2024, your first RMD is due by April 1, 2025.

Subsequent Withdrawals​

• After your first RMD, you must take your RMD by December 31 each year.

Roth IRAs​

• RMDs are not required during the account owner's lifetime for Roth IRAs. However, beneficiaries of inherited Roth IRAs must follow RMD rules.

Penalties for Non-Compliance​

• If you fail to take your RMD, you may incur a penalty of 25% on the amount not withdrawn. If corrected in a timely manner, this penalty can be reduced to 10%.

 

[NDGuy]

 

[signing off]

My fear in retirement. Why would you let the balance get so high in traditional? Maybe I'm misunderstanding the situation, but doing Roth conversions, if your employer does not offer Roth, is a no brainer when not near retirement.

I watched a few videos of Kevin Lum on YouTube. He had a good one on converting ROTH. If your able to live a year or two off standard brokerage money, that gives you a window for converting at low tax bracket. Paying the tax from outside money also let's you maximize the benefits.

 

[Beendare]

One would be in a high bracket to start with, if
$2 million additional taxable income “could” push you into a higher tax bracket.

If you are in CA, lumping that on to regular income kills you especially now that Newsom passed a provision to tax high income folks an additional $4,000 just because. It puts you into the 13% state income tax [which I think is the worst in the US] plus that additional dinger.

Then add if you own businesses and pay quarterly taxes, your estimated tax payments from the year before will be light triggering a penalty from the IRS. If you did take a big gain like that it's worth talking to your accountant- hey Rokslide is great and all- grin- and have them calc the tax and add it to your quarterly payments. The IRS didn't used to be so bad about this but now they are adding interest to that number.

FWIW, this is why it's worth considering what it does to your taxable income when you trade stocks in under a year- as the same thing happens, it gets lumped into regular income.

 

[SWFLhntr]

Microstrategy reported $2.8 billion profit in Q3. I bought a bunch more mstr yesterday and I'm still riding msty hard. View attachment 958636Never invest what you can't afford to lose.

768 shares here. Started taking the dividends and buying SCHG. Up to 75 shares there. It’s not ideal but I’m just going to keep it for awhile and see what happens.

 

[RMM]

Anyone take advantage of the quantum computing dip this morning? I added another 30 shares of RGTI and about 30 shares of IONQ as well.

 

[LFC911]

Anyone take advantage of the quantum computing dip this morning? I added another 30 shares of RGTI and about 30 shares of IONQ as well.

just did the same also bought some BLK (3) and CRWV (25)

 

[MThoundhunter]

Anyone take advantage of the quantum computing dip this morning? I added another 30 shares of RGTI and about 30 shares of IONQ as well.

I'm picking up shares of CCCX, I don't like spac's but if the merger goes through next year I think they'll be money to make on that one.

 

[HuntHarder]

IREN got a big deal with Microsoft today. Another good boost to the stock. AMZN is again

 

[Beendare]

Holy short covering Batman....talk about squeezed, Palantir up 6% today...currently they have a 666 PE.....wow, somewhere between Venus and Mercury in the stratosphere.

META still dumping....now I'm hoping for it to go to 600 or below and I will buy more.

CBRL still dropping, tax loss selling in full view. This stock is the poster boy for Dollar Cost Averaging into a position. ...still time.

 

[Pharmseller]

PLTR crushed earnings, nice gain for awhile AH, now down almost 4%.

I hate this game.

 

[Kimber7man]

What’s the tax on $2 million?

Depends on where you live….. grin