Dr. Friday shares essential tips on managing withdrawals from different accounts, such as Roth IRAs and annuities, to minimize tax burdens. She highlights the importance of understanding how taxes apply to qualified and non-qualified funds and how major financial decisions can impact additional factors like IRMA. Before making significant withdrawals, consult a tax professional to avoid costly surprises.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
If you want to put more money in your pocket, first thing you have to do is know where your money is. If you have money in a qualified, non-qualified, if you’re depending on it to be invested in annuities, and again, these are all financial planners, but when you take the money out is when it comes onto my desk. How you take the money out from a Roth, from a qualified, from a non-qualified, is all going to be a matter of how you’re taxed. So don’t just go in and do something. Let’s talk first to make sure you know how much money that’s going to cost you in tax dollars. Is it going to affect your IRMA? So many people forget that when they’re looking at big tax transactions. Call us at 367-0819.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.