A Roth Conversion is when funds are taken out of an IRA and converted into a Roth IRA. This conversion results in taxable income. Here are 4 Reasons to do a Roth Conversion:
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1) Don't panic. The returns are due on April 17th this year. This is due to April 15th falling on the weekend and April 16th being a holiday in Washington DC. If you can't get your return completed and filed on time, file an extension. The federal form is 4868 and the Connecticut form is CT-1040-EXT. This will allow you until October 15th to file. The extension however only extends the time to file, it does not extend the time to pay. Any tax due needs to be paid with the filing of the extension.
Every year the IRS must adjust the dollar amounts of a variety of provisions which affect every taxpayer, to keep pace with inflation. New dollar amounts affecting 2012 returns, filed by most taxpayers in early 2013 include the following: more…
The State of Connecticut recently increased the state income tax rates. Oh, and they made them retroactive to the beginning of 2011. Don't you Connecticut income taxpayers just love this? more…
When was the last time you checked your beneficiary designations for your retirement accounts that were established years ago? Beneficiaries are the individuals or entities (such as a charity) that you name to receive these assets upon your death. You may find that your designated beneficiary is not who or what you think it should be, especially if you have divorced, remarried or had children since your retirement plan account was established. more…
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