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Whew! That's a lot for me to digest. Sometimes I have to study things before they sink in. You're right about being new to investing. I'm as new as it gets. My broker at Ed Jones forced me into this situation though.
Just to get the ball rolling, I created a joint account at SB, bought a few stocks and my wife asked if they were in a Roth. Umm, well, not exactly. In order to have accounts set up to be able to transfer IRA's (1 ROTH & 1 Trad. for me, 1 ROTH for my eife)from EJ to SB, I created the same type of accounts. After that, per SB, I had to sell stocks from the joint, move that money back in and buy stocks again. So, right now we have my Roth with stocks in it, my trad. with only money and my wife's Roth with stocks in it. The reason I haven't used the trad. to buy stocks is because once you buy stocks to go in it, it will always show n account online even if you close the acct. it's just to keep records of what you did with it.
I know it sounds like a mess but the transfers didn't all happen at the same time so I used whatever was there to get busy buying stocks. The joint and my Roth had money transferred to the from our bank acct. before any of the transfers were completed. I was waiting to convert the trad. to see what I came up with for an acct. that had a higher contribution limit.
I assume the bottom line on info. regarding income, profit, who's the company owner and who's the worker needs to come from tax records. We have faux finishing company where she is named as "
Designer" and I am "Painter". She started the company and I think her name is on the DBA. With those facts in mind, is she considered the employer and I am the employee? Just asking to try to get the different types of accts. we need straight.
We don't really have an accountant or anyone that I can trust to give sound advice. My wife's brother works at Hewlett-Packard as an accountant and does our taxes every year. I consulted with my brothers business accountant once and it would have cost us about $300/month for his services. Way too much for us for a mon-income producing position. I asked him if he could do something to save money on our taxes to justify his fees and, after reviewing the previous years taxes, he couldn't.
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