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Beware the pro-rata rule on conversions If you have traditional IRA accounts with deductible contributions, you’ll need to factor that in if you convert any nondeductible amounts into a Roth IRA.
“Not understanding these rules could trigger penalties and potentially blow up your Roth.” Anyone doing a Roth conversion should also pay particular attention to the “pro rata rule,” too ...
If you’re making a Roth conversion, you’ll also need to watch out for the “pro rata” rule in the first five years, which applies to conversions from accounts that include pre-tax ...
People often space out Roth conversions over multiple years to lower their tax bill. Consider: If a single earner reports $100,000 in income this year, she is in the 22% tax bracket.
Do a Roth conversion, or put it into some kind of tax-free vehicle like life insurance. The minute you get those funds into tax-free vehicles, they grow and compound for you. Ed Slott (Ed Slott)
A Roth IRA is an individual retirement account (IRA) under United States law that is generally not taxed upon distribution, provided certain conditions are met. The principal difference between Roth IRAs and most other tax-advantaged retirement plans is that rather than granting a tax reduction for contributions to the retirement plan, qualified withdrawals from the Roth IRA plan are tax-free ...
For Roth conversions, the 5-year rule is applied differently. If you convert from a traditional IRA or 401(k) into a Roth IRA, taxes are paid at the conversion time on the amount. If you are under ...
What is a Roth conversion? Doing a Roth conversion means withdrawing and moving funds from a pre-tax source, such as a traditional IRA or 401(k), to an after-tax Roth.
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