Roth IRA

January 3, 2016   Estate Administration

Should You Convert to a Roth IRA?

Previously, if your adjusted gross income was $100,000 or more, you did not qualify to convert your tax-deferred savings to a Roth IRA. But this income restriction has been eliminated, so everyone is now eligible to convert to a Roth IRA.You can roll over amounts from your traditional IRA and from eligible retirement plans, which include qualified pension, profit sharing or stock bonus plans such as 401(k)s; annuity plans, tax-sheltered annuity plans; and deferred compensation plans of a state or local government. You do not have to roll these into a traditional IRA first.Of course, you will have to pay income taxes on the amount you convert; it will be included in that year's income. But when you consider the benefits below it may be worth it. BENEFITS OF A ROTH IRAUnlike a tradi...
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