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The pros and cons of a Roth IRA conversion

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SKU: FOCon183. Category: .

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Abstract: Roth IRAs offer some important tax advantages over traditional IRAs. For example, qualified Roth IRA withdrawals are tax-free for federal purposes. And, unlike with traditional IRAs, you don’t have to start taking required minimum distributions from Roth IRAs after reaching age 70½, so the assets can grow tax-free indefinitely. This article explains that the quickest way to get a significant sum into a Roth IRA is by converting a traditional IRA to Roth status — but a conversion won’t be beneficial for every taxpayer. It also notes that a Tax Cuts and Jobs Act provision could make Roth IRA conversions riskier from a tax perspective.

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