One of the first things I learned cutting my teeth in the investing world was to avoid municipal bonds from Puerto Rico. My mentor liked to refer to the US Territory as a banana republic. “That my friend is a ticking time bond waiting to blow up in your clients’ face!” Puerto Rico formally defaulted…
[fusion_text]The IRS finally gave up after years of fighting that after-tax 401(k) dollars cannot be rolled into a Roth conversion. Most people simply put money into their 401(k) pre-tax–up to the annual employee limit. However, some plans allow employees to make contributions above the annual deductible limit on an after-tax basis. The employee didn’t get…