Transfers to ROTH - Remember ... Transfer direc
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Posted On: 12/12/2018 9:21:46 AM
Transfers to ROTH - Remember ...
Transfer directly from the IRA account to the ROTH account. Do not distribute to a non-IRA type account.
Whatever you transfer will get added to this years income and you will need to pay federal and state taxes on it.
To minimize higher tax burden, transfer some now and more next year (just a few weeks away).
I found a good article to read.
How the new tax law creates a ‘perfect storm’ for Roth IRA conversions
https://www.marketwatch.com/story/how-the-new...2018-03-26
Best of luck.
Transfer directly from the IRA account to the ROTH account. Do not distribute to a non-IRA type account.
Whatever you transfer will get added to this years income and you will need to pay federal and state taxes on it.
To minimize higher tax burden, transfer some now and more next year (just a few weeks away).
I found a good article to read.
How the new tax law creates a ‘perfect storm’ for Roth IRA conversions
https://www.marketwatch.com/story/how-the-new...2018-03-26
Best of luck.
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