Please Click the Video to Watch This Important, Short Message
In this week’s Hidden Wealth Review, I teach that you can still learn to get it, the $100,000 tax credit! I want to teach you strategies that can remove your wealth from the tax system. In this way, you don’t win the battle and lose the war. We commonly see people saving in tax deferred accounts such as 401(K)s and traditional IRAs, thinking that they are savings taxes. Pre-tax deferrals don’t save taxes, they defer the taxes. Today may feel like a win but, if the tax impact costs you more tomorrow, you lose as many people are now realizing!
A client recently used tax credits to eliminate over $300,000 in capital gains tax. The client then applied their excess credits to remove the taxes from their required minimum distributions (RMDs). This way, he won’t leave any tax burdens to their sons.
Another client used tax credits to go back and eliminate $75,000 of his 2023 taxes. He will now use the tax that’s coming back to him from 2023 to purchase more tax credits so that he can eliminate taxes on his 2024 income.
If you’re a high-income earner or if you have large amounts of money trapped in IRAs and 401(K)s, I want to teach you how you can use tax credits to Roth convert your IRAs. To learn these strategies and more, register for this coming Tuesday’s Remove Your Wealth from Washington webinar.
A tax credit differs from a tax deduction in that a deduction is based on your marginal income tax rate. Let’s say you Roth convert $400,000 of your IRA and you are going to pay the taxes on the conversion out of your pocket. If your marginal tax rate is 25% and you have a $400,000 deduction, you will owe $100,000 in taxes (25% of $400,000).
On the flip side, a tax credit is dollar-for-dollar. Using a $100,000 tax credit for someone with a 20% net effective tax rate enables them to Roth convert $400,000 of their IRA or 401(k) without owing any income tax on the conversion. The tax credit example I just showed you produces the net effect of a 42.9% return.
The timing on tax credits is very critical. In the second half of the year, tax credits tend to sell out very quickly. The price of tax credits, based on the volume of sales, continues to tick higher as the year progresses. But right now, you can still get a $100,000 tax credit. I want to teach you how!
Learn More About The $100,000 Tax Credit
To learn how you can remove taxes from your assets and income, register now for next Tuesday’s webinar at RetirementProtected.com. In addition to the tax credit strategy, I will also teach the 10 times tax deduction strategy. The key to successfully navigating taxes is learning to control what you can control.
You would never take on a business partner without knowing the agreed percentage of the business that they would own. By saving and/or keeping your retirement savings in 401(K)s and IRAs you are doing the same thing. When you have a tax-deferred retirement account, the IRS is your silent partner and the IRS can change its level of ownership whenever it chooses.
You work hard for your money. Learn how to eliminate your silent partner and how you can still get a $100,000 tax credit.
Register for Tuesday’s webinar by following these four simple steps:
- Go to www.RetirementProtected.com (or scroll down to the form below).
- Select the webinar date/time you prefer.
- Enter your information thoroughly – make sure to double check your email address.
- Click “Reserve My Spot!” to submit, that’s it!
Once you’ve registered, you’ll receive an email containing a personal access link to join Tuesday’s event. Don’t forget to add it to your calendar!
Register for your preferred webinar time now because these events have proven to fill up fast.
Those who attend this event will receive a complimentary copy of my latest eBook:
The Baby Boomer Retirement Breakthrough-The Unfair Advantage to a Safe and Secure Retirement.
Spouses and Significant Others are Encouraged to Attend This Event Together
How Big is Your Retirement Tax Bill?
Note: We serve Boomers and Retirees all over the Unites States. We have an efficient, supported process to meet online, as have been doing for over 20 years. Our online meetings are private, the access is restricted and we never share our meeting link with anyone who’s not a part of the meeting.
Chuck Oliver
Wealth Strategist | Best-Selling Author
We help Baby Boomers and Retirees thrive in retirement through a clear retirement road map that provides market correction and tax protection to optimize income and assets!
www.TheHiddenWealthSolution.com