Should I convert my Traditional IRA to a Roth IRA? ROTH IRA Conversions – This question has consistently been in the top ten list of questions from our clients. Tax rates are at their lowest level since 2018 and are due to sunset in 2025. To help stabilize the economy, the current administration is looking to find ways to increase taxes and ROTH Conversions are on the chopping block. If you decide to convert your traditional IRA to a Roth IRA, the tax rate applicable to the conversion is lower now than it will be if you wait until 2026 to make the conversion. Unlike Traditional IRA’s, Roth IRA contributions and conversions appreciate tax-free. In addition to tax-free appreciation, unlike Traditional IRAs, there is no required minimum distribution (RMD) for Roth IRAs during the account owner’s lifetime. Click here for more information on our tax services and how to contact us today!
Do You Have Tax Questions? We’ve Got Answers!
Tax | | Aug 02, 2022