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Should I switch from a Traditional IRA to a Roth IRA?


(972) 417-2855 Get Whiteboard Animated Videos like this one for your business here: (619) 850-5835 Here are some important factors to consider before Converting Funds from a Traditional IRA to a Roth IRA Roth IRAs provide tax-free income and eliminate the need for Required Minimum Distributions. But the conversion of funds from a traditional IRA to a Roth IRA is considered a taxable distribution, subject to federal income tax and a possible penalty. If your funds consist of investment earnings and tax-deductible contributions, then converting your traditional IRA funds to a Roth IRA will result in federal income tax due on those funds. ). Paying the tax due with IRA funds reduces the amount that grows tax free in the Roth IRA IRA funds used to pay the tax may be subject to additional income tax and possibly a penalty. However, if you pay the tax due with non-IRA funds, that allows more dollars to be funneled into the tax-free Roth IRA. We can help you determine whether this strategy makes sense in your situation to enjoy tax-free income. Call us today. ...(read more)


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