12-07-2014, 03:28 AM
(This post was last modified: 12-07-2014, 03:33 AM by Dividend Watcher.)
If you're not filing jointly, then you're above the income limit for a Roth and a Roth conversion although you can fund a conventional IRA and enjoy the tax free compounding now. Then, if you convert to a Roth after you retire (assuming your retirement AGI is below the threshhold) & pay the taxes at the time of conversion, you can enjoy some tax fee income.
Otherwise, you may want to stick with a taxable account instead as Eric mentioned. Since we don't know the details, you may want to see if you can find a fee only financial planner or a good Enrolled Agent (licensed to practice before the IRS and usually cheaper than a CPA) to do some modeling and come up with a plan. Just don't let them sell you anything.
You may want to contact Doug Meeks over at Seeking Alpha and see if he could work up a spreadsheet with the best method to approach this. He's a financial planner in Dallas who's very familiar with dividend growth investing. Don't know if he would do that for a fee without opening an account with him but wouldn't hurt to ask. I've talked with & emailed him over a topic I was thinking about and he's very professional and helpful and I know he knows the tax laws regarding IRAs.
Otherwise, you may want to stick with a taxable account instead as Eric mentioned. Since we don't know the details, you may want to see if you can find a fee only financial planner or a good Enrolled Agent (licensed to practice before the IRS and usually cheaper than a CPA) to do some modeling and come up with a plan. Just don't let them sell you anything.
You may want to contact Doug Meeks over at Seeking Alpha and see if he could work up a spreadsheet with the best method to approach this. He's a financial planner in Dallas who's very familiar with dividend growth investing. Don't know if he would do that for a fee without opening an account with him but wouldn't hurt to ask. I've talked with & emailed him over a topic I was thinking about and he's very professional and helpful and I know he knows the tax laws regarding IRAs.
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“While the dividend itself is merely a rearrangement of equity, over time it's more like owning an apple tree. The tree grows the apples back again and again and again, and the theoretical value of the tree doesn't change just because of when the apples are about to fall.” - earthtodan
“While the dividend itself is merely a rearrangement of equity, over time it's more like owning an apple tree. The tree grows the apples back again and again and again, and the theoretical value of the tree doesn't change just because of when the apples are about to fall.” - earthtodan