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Listen " The Financial Starting Line – Net Worth, 529 to Roth IRA and Q&A | Episode 003 "
Episode Synopsis
In this episode of Mark’s Money Mind, host Mark Trautman, CFP® discusses his upcoming participation as a case study panelist at the EconoMe Conference.
The episode is divided into three segments: a money lesson on creating your own net worth statement, a personal experience with rolling over a 529 plan to a Roth IRA under the new SECURE 2.0 Act provision, and a listener question regarding whether to switch from a traditional 401k to a Roth 401k and considerations for buying a house.
Mark provides a comprehensive breakdown of calculating and interpreting net worth, shares insights from his experience with new legislation affecting 529 plans, and offers thoughtful considerations on Roth 401k contributions and the financial implications of homeownership.
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Episode Links:
EconoMe Conference
Charles Schwab Personal Net Worth Worksheet
State Income Tax Treatment on 529 Distributions to Roth IRAs
Timestamps:
00:00 Introduction and Welcome
00:25 Upcoming EconoMe Conference and Case Study
04:26 Introduction to the Three Parts of the Show
06:03 Deep Dive into the Net Worth Statement
11:31 Understanding Assets in a Net Worth Statement
19:30 Understanding Liabilities in a Net Worth Statement
22:19 Calculating Your Net Worth
28:37 Rolling Over 529 Assets into a Roth IRA
33:44 The Process of Rolling Over Funds from a 529 plan
37:35 The Reality of the Transfer Process
40:10 State Tax Implications of Non-Qualified Distributions
44:37 Listener Question: Roth 401(k) and House Purchase
01:03:25 Closing Remarks and Show Disclaimers
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