Roth Recharacterization rule Recently, I read the following announcement: IRS updates Roth recharacterization rule. In December, I wrote a post (link below) about a significant change to the rules for recharacterizing Roth IRAs conversions. The change basically took away the option. After researching the IRS update (and since I wrote about it), I wanted to bring … [Read more...] about IRS Updates Roth Recharacterization Rule
In this post, I'll cover my top three reasons to convert to a Roth IRA. Prior to the Tax Cuts and Jobs Act, recharacterization offered you the ability to undo the Roth conversion, making it like it never happened, The tax law eliminated that option. This has caused many to reconsider whether converting to a Roth IRA makes sense. However, if you make too much money to … [Read more...] about Three Reasons to Consider a Roth IRA Conversion
Do you own an IRA? Are you thinking about it? If so, which should you own - a Roth IRA or Traditional IRA? The answer for you may be both. There are benefits to each that we will explore in this post. This post will not include a discussion about investments in your IRA. I'll save that for another day., We will discuss in some detail how each IRA works. What are the … [Read more...] about Which Should You Own – a Roth IRA or Traditional IRA?
There are 2017 year-end tax strategies available now with or without tax reform. There are also things you can do in anticipation or tax reform, regardless of whether the House or Senate version gets passed. In this article, I'll review both. Planning under current tax law Here are three things to consider: Maximize retirement plan contributions - If you still working … [Read more...] about 2017 Year-End Tax Strategies
If you own or are thinking about starting a Roth IRA, you need to know that a major change is coming to Roth IRAs. Both the House and Senate proposals include this change. Let me start by saying that I am a raving fan of Roth IRAs. They have many advantages over traditional IRAs. If you have traditional IRAs or company retirement plans, once you reach age 70 1/2, the IRS … [Read more...] about IRS Brings Major Change to Roth IRAs with New Tax Law