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Posts Tagged ‘roth conversion’
How (Almost) Everyone Can Have a Roth IRA
What’s the Benefit of a Roth IRA?
The benefit of having a Roth IRA is that if the account is open for at least 5 years and the account owner is at least 59 1/2, then all of the distributions from the Roth IRA are tax-free. Additionally, unlike IRA’s, Roth IRA’s are not subject to the Required Minimum Distribution Rules (“RMD”) for either the taxpayer or … Continue reading »
7 Easy Ways to Decrease Your Income Tax and Keep More Money
1) Maximize Your Contributions to Your 401(k) Plan
Many employers will offer a 401(k) plan. Employees need to take advantage of this plan. This will likely be one of the cornerstones of your retirement plan. If your employer offers a match, you really need to participate in this plan at least to get the match amount.
9 Easy Steps for a Mid-Year Tax Review
Half of the year is almost over. Don’t wait until the end of the year to do your planning. It’s time for your Mid-Year Tax Review. 1) Review your withholding. Review your prior year income tax return for the income tax paid. Check your year-to-date paystub to see if your withholding is tracking where it needs to be. If you need to adjust your federal withholding, file … Continue reading »
4 Reasons to do a Roth Conversion
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:
The Roth IRA Conversion…It's About Time
In 2010, everyone can do a Roth IRA Conversion ("Conversion"). What is a Roth Conversion? It's when you take money out of your IRA, tax it, and convert it into a Roth IRA.
