Ep. 66 – How To Convert an IRA to a Roth IRA
Is a Roth conversion right for you?
Moving your money from a traditional IRA or 401k and into a Roth IRA can be a smart choice for your future. But, while the mechanics of a Roth conversion are simple, it’s important to get the full picture to find out if this move will benefit you in the long term.
In this episode, we share everything you need to know about doing a Roth conversion, including what a Roth conversion is, why you may choose to do one, and the process of moving your money between pre-tax and after-tax accounts.
In this episode find out:
- The differences between a traditional IRA and a Roth IRA
- How much of a traditional IRA you can convert to a Roth IRA
- The mechanics of doing a Roth conversion
- Everything you need to know about conversion tax
- Why you need to consider future tax
- How a Roth conversion helps you avoid required minimum distributions
- Why you shouldn’t take a cookie-cutter approach to conversions
“You are able to convert 100% of your traditional IRA into a Roth – there are no conversion limits.” – Radon Stancil
“When you do a Roth IRA conversion, there are going to be taxes involved.” – Murs Tariq
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