Roth conversions are not considered contributions when you convert funds from a traditional IRA or a qualified retirement plan, like a 401(k), into a Roth IRA. They are treated as taxable distributions from the traditional IRA or qualified retirement plan. When you convert these funds into a Roth IRA, you will need to pay taxes on the amount converted. This is because traditional IRAs and qualified retirement plans are funded with pre-tax contributions, and the conversion to a Roth IRA is considered a taxable event. #shorts #rothira #rothconversion #retirementsavings... ( read more )
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Roth IRA Conversions: A Brief Guide to Maximizing Retirement Savings #shorts retirement planning is a crucial aspect of financial wellness. With various retirement accounts available, it's essential to explore the mo...
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