Greg

[Greg @realGriBee]

@RokoMijic Mom had me at 44, I was number 11. Dad was 51.

[Greg @realGriBee]

@elonmusk But we do have both today, and have for a long time.

[Greg @realGriBee]

@waitbutwhy Tesla Summon is half way there.

[Greg @realGriBee]

I don't get it. If everything works out and the founder pays back the loan, the government nets zero revenue, except maybe some interest. But how does this help anyone? In the worst case scenario, the government has a defaulted loan and a bankrupt company it owns. Sounds stupid to me.

[Greg @realGriBee]

@mega_lift Actually Wellstone reniged on his two term promise. He said his third term was just too important. RIP.

[Greg @realGriBee]

@metheppl1776 @Savsays You mean Andersen Windows. "sen" not "son."

[Greg @realGriBee]

@shoe0nhead You mean 180

[Greg @realGriBee]

@AreWeDoinThis @AndrewBTC No unless they are Gaurdians.

[Greg @realGriBee]

@kamikazecash @michaelandanneb @AndrewBTC No!

[Greg @realGriBee]

It turns into a traditional IRA with mostly after-tax contributions which are not taxed again. Only the growth would be taxed on withdraw. Yes, a Roth is often better than a Traditional but this Traditional can be converted to a Roth in multi-year conversions and the tax on the growth can be minimized. The best advice is to take today what you can get. The kid can start a Roth at 18 or whenever he starts earning real money.

[Greg @realGriBee]

@mattsly @AndrewBTC Agreed that stock ownership is a great idea. But the idea that you can add up to 18 years of tax free compounding for an individual is the key benefit. Can't do it with a custodial Roth or IRA now (bc of contribution limits) - that is its key benefit.

[Greg @realGriBee]

If the child lives in CA, the contributions and gains are taxable in the year they are accrued. Since contributions are limited to $5k per year, likely the child will not have to file. But it is a Pain in the A**. States like CA that do not "conform" are "sick." Best suggestion is the get the hell out of CA!

[Greg @realGriBee]

@mattsly @AndrewBTC Plus the contributions by friends and family are after tax - thus taxed at 0%.

[Greg @realGriBee]

@mattsly @AndrewBTC There is no way a conversion rate of 24% should be used in this analysis. A proper conversion does not have to happen all at once. A young adult aged 18 to 25 will have plenopportunitiesty of to do the conversion at near 0% rates.

[Greg @realGriBee]

@DawsonStep99282 @AndrewBTC There is something in the works. But have your son open a Roth regardless. Contributions can be made his account up to his earnings in a year. It doesn't have to be "his" earnings contributed.

[Greg @realGriBee]

Here is the answer: Yes and No: Individual after-tax contributions to a Trump Account can be withdrawn tax-free, but any investment earnings on those contributions are subject to ordinary income tax. Contributions made by employers, non-profits, or the government, along with their respective growth, are fully taxable when withdrawn.

[Greg @realGriBee]

@MZHemingway @BreccanFThies Done.

[Greg @realGriBee]

@charlescwcooke I don't understand? /sarc

[Greg @realGriBee]

@mazemoore Designated liar!

[Greg @realGriBee]

@realDSteinberg That was my first impression.