Should You Convert to a Roth IRA? This Flowchart Will Help You Decide
Updated for 2023 Income tax brackets and standard deduction amounts.
Enjoy Tax Free Growth When Switching to a ROTH IRA Retirement Account
Wouldn't it be nice if you could choose the income-tax rate you pay on your IRA funds when they're withdrawn in retirement?
Wouldn't it be great if the tax rate on at least some of this money was zero?
Well, you might just be able to do that.
Thanks to the Tax Cut and Jobs Act of 2017, converting money from your traditional tax-deferred Traditional or Rollover IRA to an income-tax free Roth IRA may allow you to pay just 12%, 10%, or even 0% in Federal income taxes on those assets.
You need to act quickly-- the provisions of the tax code that make this possible are scheduled to expire in 2025. The sooner you act, the more flexibility you have and the more income-tax free funds you can generate for your retirement years.
To help determine if this strategy will work for you, we have developed a flow chart that you can download for free.
Wouldn't it be great if the tax rate on at least some of this money was zero?
Well, you might just be able to do that.
Thanks to the Tax Cut and Jobs Act of 2017, converting money from your traditional tax-deferred Traditional or Rollover IRA to an income-tax free Roth IRA may allow you to pay just 12%, 10%, or even 0% in Federal income taxes on those assets.
You need to act quickly-- the provisions of the tax code that make this possible are scheduled to expire in 2025. The sooner you act, the more flexibility you have and the more income-tax free funds you can generate for your retirement years.
To help determine if this strategy will work for you, we have developed a flow chart that you can download for free.
The Financial Planners at Oak Street Advisors Will Help! Two Locations in South Carolina
Meet Joe Taylor at their Myrtle Beach OfficeWith 16 years of experience, Joe had seen firsthand the shortcomings of the Wall Street model. Sales contests, product pushing, research that revolved around getting a company’s investment banking business. Joe knew clients did not come to me to find the products my firm sold, they came looking for advice and now Joe had a chance, and the tools, he needed to provide the advice they were searching for.
|
Meet Bryan Taylor, CFP® at their Charleston OfficeBryan works together with his father on all financial plans and strategies. By collaborating they provide objective fiduciary financial planning and asset management to their clients within a fee-only business model which reflects their passion of putting clients’ interest above the next dollar. Regardless of the engagement, they know that if they take care of the client first, they will then reap the rewards through both our clients’ and firms’ success.
|