Things To Do In SW Florida

A lawsuit that Gov. Ron DeSantis’ tourism oversight district filed against Disney should be dismissed or put on hold until a separate federal suit is resolved, lawyers for the entertainment giant told an Orange County circuit judge Friday.

Judge Margaret H. Schreiber heard arguments about whether the Central Florida Tourism Oversight District’s lawsuit should proceed before Disney’s litigation against the state, the latest turn in a nationally watched battle between DeSantis and Disney.

Without asking questions of the lawyers, the judge said she would issue a decision at a later date and requested both sides submit proposed written orders by Wednesday.

Daniel M. Petrocelli, a lawyer for Disney, told the judge a new state law rendered the district’s legal action moot and that Disney’s separate federal lawsuit filed against DeSantis and other state officials should take priority.

“There’s nothing that this court can do with this case that will have any practical effect whatsoever since the Legislature has already provided CFTOD [the Central Florida Tourism Oversight District] with the precise relief they seek in this case,” he said. read more

Bob Haegele | Bankrate (TNS)

A Roth IRA is a great way for savers and investors to grow wealth. The advantages include tax-free growth on money withdrawn after age 59 1/2, assuming the account has been open for at least five years.

But high earners often can’t contribute to a Roth IRA. If your modified adjusted gross income (MAGI) is more than $153,000 in tax year 2023 ($228,000 if married, filing jointly), you can’t contribute to a Roth IRA at all.

This situation gave rise to the backdoor Roth and the mega backdoor Roth. They sound similar, but there are many differences between the two strategies. If you’re a high earner, one of them might be worth pursuing.

What is a backdoor Roth IRA?

A backdoor Roth IRA is fairly straightforward. If you make too much to contribute to a Roth IRA, you contribute to a traditional IRA instead. While you can only contribute up to $6,500 to an IRA in 2023 ($7,500 for those 50 and over), there is no specific conversion limit.

Suppose you’ve been contributing to a traditional IRA for years. You could theoretically convert several years of contribution at once, moving them from traditional to Roth. However, if you have pre-tax money in your traditional IRA, you may not be able to move it into a Roth account. This is due to the IRS’s pro-rata rule. And even if this doesn’t apply, the conversion could be taxable. read more