Vijay, I have a doubt. At 04:54 you say, casually give it to your kids. I believe we cant just give to kids in USA, Any money you give to your kinds, although it is post tax money, our kids have to pay tax on that. Isn't that the case? i read somewhere that we can only give our kids $17000 per year as gift. Anything over this is taxable. Correct?
For 2024: $105k - $29,200 (standard federal deduction) = $75,800 for which is $8,632 in federal tax. $75,800 is 12% Federal Tax Bracket so should favor contributing to Roth 401(k). Alternative is $23,000 to traditional 401(k) plus Spouse 1 $7,000 Roth IRA and Spouse 2 $7,000 Roth IRA. $95k - $384k is 22%/24% Federal Tax Bracket. If you don't expect to exceed $384k, favor traditional 401(k) once you reach 22% FTB.
If I plan to retire in India, would it make any sense to contribute to Roth 401k or should I just do pre-tax?
I’m thinking making investing in 401k is risky, also the economy might probably be of effect to average persons
Does anyone know the contribution limits for Roth 401(k)s?
Probably I’ll assume It's $20,500 of recent and an additional $6,500 if you're 50 or older.
@@DamianCarlos-f3zjust apply caution when considering investments, most especially during this time of inflation.
Good point. It's essential to understand the tax implications before making a move.
@@DamianCarlos-f3zhiring a CFA is a very good idea in managing risks when making investments
Vijay, I have a doubt.
At 04:54 you say, casually give it to your kids. I believe we cant just give to kids in USA, Any money you give to your kinds, although it is post tax money, our kids have to pay tax on that. Isn't that the case? i read somewhere that we can only give our kids $17000 per year as gift. Anything over this is taxable. Correct?
2024 $18k so parents can gift $36k to each child.
Is it good to invest in Low volatility International equity fund ?
Can you explain 401 k Catch up and after tax
Thanks for the video! 👏
What tax bracket is 105k married filing jointly in Texas? Internet is bit confusing. Roth or PreTax?
Blindly go for Roth. You tax will be $8,836. Use smartasset for Tax calc. You have 0% state tax. Your marginal tax bracket in 12%
For 2024: $105k - $29,200 (standard federal deduction) = $75,800 for which is $8,632 in federal tax. $75,800 is 12% Federal Tax Bracket so should favor contributing to Roth 401(k). Alternative is $23,000 to traditional 401(k) plus Spouse 1 $7,000 Roth IRA and Spouse 2 $7,000 Roth IRA. $95k - $384k is 22%/24% Federal Tax Bracket. If you don't expect to exceed $384k, favor traditional 401(k) once you reach 22% FTB.