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Can I Roll Over the Employer Match in My 401(k) to a Roth IRA?

If you want to roll over money from your 401(k) into a Roth IRA, there’s good news: any employer matching funds in a 401(k) can be converted along with your own contributions and investment earnings. However, you’ll owe income taxes on all the converted funds, which can be a significant issue when converting large balances. […] The post Can I Roll Over the Employer Match in My 401(k) to a Roth IRA? appeared first on SmartReads by SmartAsset.

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Ask an Advisor: I'm 60 With $65k in Pension Income and $100k in My IRA. Is a Roth Conversion Worth It?

I'm 60 and I would like to convert some money from my regular IRA to a Roth. I'm aware that the earnings are subject to penalty before five years but I won't need that money until at least age 70. Is it advisable to do so? My annual income from a pension is $65,000 and […] The post Ask an Advisor: I'm 60 With $65k in Pension Income and $100k in My IRA. Is a Roth Conversion Worth It? appeared first on SmartReads by SmartAsset.

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We're 62 Years Old With $950k in IRAs. Is It Too Late to Convert to a Roth IRA?

Fortunately, there’s no age restriction on converting a pre-tax retirement account to a Roth IRA. You can roll funds from a qualifying pre-tax account to a Roth IRA at any time. A financial advisor can help you manage your retirement savings and build an income plan for your golden years. Connect with a fiduciary advisor […] The post We’re 62 Years Old With $950k in IRAs. Is It Too Late to Convert to a Roth IRA? appeared first on SmartReads by SmartAsset.

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We're 64 Years Old With $750k in an IRA and Social Security. Is It Too Late to Convert to a Roth IRA?

If you’re nearing retirement and you have a sizeable IRA balance, you face some significant decisions surrounding required withdrawals and taxes. Converting a traditional IRA into a Roth account is one move that can increase your planning flexibility. And even at 64 years old, shifting an account from a tax-deferred to tax-free status can result […] The post We’re 64 Years Old With $750k in an IRA and Social Security. Is It Too Late to Convert to a Roth IRA? appeared first on SmartReads by Smart

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Ask an Advisor: Help Me Understand the 'Best Way' to Manage an IRA. Is It Better to Pay Taxes Now or in Retirement?

Which is the best way to handle an individual retirement account (IRA)? Let it sit and earn money, then pay taxes on the withdrawals in retirement? Or roll it over to a Roth IRA? Should I pay the taxes now … Continue reading → The post Ask an Advisor: Help Me Understand the ‘Best Way' to Manage an IRA. Is It Better to Pay Taxes Now or in Retirement? appeared first on SmartAsset Blog.

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I'm 62 With $1.5 Million in an IRA. Should I Convert $150k Per Year to a Roth to Avoid RMDs?

A 62-year-old with $1.5 million in a traditional IRA may be wise to consider converting $150,000 per year to a Roth IRA to avoid required minimum distributions (RMDs). The annual withdrawals from retirement accounts that are mandated by RMD rules can raise your tax bill in retirement by adding to your taxable income, even if […] The post I'm 62 With $1.5 Million in an IRA. Should I Convert $150k Per Year to a Roth to Avoid RMDs? appeared first on SmartReads by SmartAsset.

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I Want to Roll Over $720k to a Roth IRA. How Do I Avoid Paying Taxes?

Taxes are a valid concern if you want to roll over $720,000 from your retirement fund into a Roth IRA. While you won’t pay any taxes if the assets you’re rolling over are held in another Roth account, there’s typically no way to completely avoid paying taxes when rolling pre-tax money into a Roth IRA. […] The post I Want to Roll Over $720k to a Roth IRA. How Do I Avoid Paying Taxes? appeared first on SmartReads by SmartAsset.

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I'm 65 Years Old With $1.2 Million in an IRA. I'm Taking Social Security – Is It Too Late to Convert to a Roth IRA?

Imagine you’re 65 with $1.2 million in an IRA and a lingering question: should you convert your account into a Roth IRA? The answer may depend on how you go about it. A Roth conversion can provide some sizable advantages, including tax-free withdrawals and freedom from mandated distributions – but that doesn't mean it's always […] The post I'm 65 Years Old With $1.2 Million in an IRA. I'm Taking Social Security – Is It Too Late to Convert to a Roth IRA? appeared first on SmartReads by SmartAsset

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I'm Almost 60 and Have $1 Million in My IRA. Should I Switch to Roth Contributions?

Should you switch from pre-tax IRA contributions to Roth contributions? Imagine that you’re steadily contributing to a traditional IRA. This provides you with an annual tax deduction. However, contributing to a tax-deferred account comes at the cost of having to pay taxes on all of the money you withdraw in retirement. Switching to a Roth […] The post I'm Almost 60 and Have $1 Million in My IRA. Should I Switch to Roth Contributions? appeared first on SmartReads by SmartAsset.

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Ask an Advisor: Is a Backdoor Roth Conversion Taxable Even If I Didn't Take a Deduction on My IRA Contributions?

I’d like to ask about the backdoor Roth IRA. Say you are over the income limit for Roth contributions, so you make a traditional contribution with no tax deduction and then do a backdoor Roth. Is that conversion taxable? If so, you would be paying tax on that money twice since you paid tax on […] The post Ask an Advisor: Is a Backdoor Roth Conversion Taxable Even If I Didn’t Take a Deduction on My IRA Contributions? appeared first on SmartReads by SmartAsset.

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