Facing a future tax hit on your retirement savings? A Roth conversion may be a way to lower the taxes you owe.

Roth IRA conversions let you turn tax-deferred savings into Roth, incurring taxes now for tax-free withdrawals later. No limit exists on the amount you can convert per year, but large sums might ...

Thirty-one percent of households owned IRAs in 2022, according to a report from the Congressional Research Service. Among IRA ...

A Roth conversion involves moving funds that are held in either a traditional IRA or a standard 401(k) into a Roth IRA. The benefit of doing a Roth conversion is twofold: a lower tax burden in ...

you need to understand how Roth retirement accounts and backdoor Roth IRA conversions work in general. Roth retirement accounts, like the Roth 401(k) and the Roth IRA, let you contribute money you ...

In our latest test of ChatGPT, Retirement Daily posed the following to the language model ... discuss Roth IRA distribution ordering rules and overall access to Roth contributions, conversion ...

Although saving and investing for retirement looks different for everyone, the end goal is typically the same for most people ...

A Roth IRA conversion involves moving money from a traditional ... The super-rich rely on the family dynasty model to pass assets down from generation to generation. Here's how to embrace those ...

Ryan is a Certified Public Accountant (CPA) who writes and edits finance content across a variety of publications, covering small-business accounting, personal investing, retirement, taxes, and more.

Some major tradeoff elements to consider when planning a Roth IRA conversion are your current year’s tax liability and your tax liability in retirement. Ultimately, the value of each will depend ...

For example, a Roth conversion could: Of course, the reverse of all of those things could also be true. By converting some of your money to a Roth IRA now ... that can model different scenarios ...