Propositions That May Impact Californians' Finances - 78

Joe Anderson, CFP® and Alan Clopine, CPA discuss some of the 2016 California propositions and how they affect your finances, in episode 78 of the YMYW podcast. Plus, what's the difference between gross income and taxable income? Original publish date October 29, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed. 00:00 - Intro 07:02 - "Prop 13 is when you buy a home in year number two and your property taxes can only go up 2% regardless of how much the home increases in value." 09:24 - "What is the difference between gross income and taxable income?" 10:49 - "There's something called itemized deductions and exemptions. Itemized deductions would be like a home mortgage, estate taxes, property taxes and things like that." 15:26 - "For those who have the Roth provision in your 401(k) plan – you want to look at your taxable income." 17:40 - "What should I do with a lump sum pension in an IRA?" 23:52 - "I took out a personal loan of $8,000 for debt consolidation purposes with my credit union. I'm simply wondering if this loan will affect my income tax in any way. Do I report the loan on my taxes? Will it make a difference in how much my refund will be?" 25:03 - "Can I obtain a loan on a quitclaim property?"

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