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But the income taxes are still due even for those over 60. There is a way around this. Roth IRA owners can avoid paying taxes on withdrawals if they wait five years after the conversion before ...
For example, Paul is 60 years old and, after years of diligent saving and successful investing, he’s amassed a large balance in his retirement accounts, including his traditional IRA.
Opening a Roth IRA after 60 means you don't have to worry about an early withdrawal penalty, but you'll have to wait five years to take out money tax-free.
It’s important to note that a traditional IRA or traditional 401(k) that has been converted to a Roth IRA will be taxed and penalized if withdrawals are taken within five years of the conversion ...
A Roth IRA is an individual retirement account that allows you to stash away after-tax dollars now and make tax-free withdrawals in retirement. Investing in one can be super advantageous — so ...
But with 13 years of $120,000 Roth conversions already completed, the IRA balance requiring RMDs could be reduced to around $42,000 by age 73. Your first RMD would be just under $1,600.
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