Taxes
How to Minimize Taxes on Your Social Security Benefits
…portion of your tax-deferred assets to a Roth IRA. In order to complete a Roth conversion, you must pay taxes in the current year on any amount you withdraw from…
Search Results for: roth ira
Financial Planning, Investing
Helping Your Children Save for the Future
…withdrawal parameters as a normal Roth IRA. Imagine the potential of starting a Roth IRA at age 12, adding to it every year and realizing the growth of assets over…
Retirement
5 Ways to Save on Taxes in Your Retirement Years
…as needed — first from cash sources, then from taxable investment accounts, then from traditional IRAs and finally from Roth IRAs. Take advantage of the Roth rules by letting those…
Investing
6 Ways to Save for College Besides a 529 Plan
…any earnings withdrawn. However, starting in 2024, you have the option to roll over up to $35,000 of 529 plan assets to a Roth IRA for the beneficiary if the…
Investing
The 5-Year Challenge
…max out both their Roth 401k ($22,500 limit for 2023) and Roth IRA ($6,500 limit for 2023), you’ll give them money to cover their lost salary. There are three valuable…
Taxes
Preparing for the 2025 Tax Sunset
…and up tax brackets. Roth Conversions A Roth conversion is a tax strategy to convert pre-tax retirement funds, such as those from a traditional IRA, to a Roth IRA by…
Retirement
5 Things to Do Before You Retire
…retirement is a Roth conversion. A Roth conversion is the action of moving, or “converting,” traditional/rollover IRA assets to a Roth IRA. This can be beneficial because Roth IRA distributions…
Taxes
5 Taxes to Be Aware of in Retirement
…but before the commencement of RMDs and other retirement income. In contrast to pre-tax retirement accounts, contributions to Roth IRAs and Roth 401(k)s are made on an after-tax basis, which…
Financial Planning
5 Obstacles on the Road to Financial Freedom
…18-24 year olds will enroll,3 making this a valid concern. Recent legislation allows up to $35,000 in excess 529 plan funds to be converted to a Roth IRA for the…
Financial Planning
Inherited an IRA?
…IRA. #4 – Update beneficiary designations. It’s important to update the beneficiary designations on your inherited IRA to reflect your own beneficiaries. This helps ensure any remaining IRA assets will…
