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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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I'm 55 With $900,000 in an IRA. Should I Convert $100,000 Per Year to a Roth to Avoid RMDs?

At age 55 with $900,000 in a traditional individual retirement account (IRA), converting $100,000 per year to a Roth IRA could help reduce required minimum distributions (RMDs) and related taxes in retirement. Although Roth conversions create current tax liabilities, paying taxes now may result in more predictable and lower lifetime taxes. Taking an incremental Roth […] The post I'm 55 With $900,000 in an IRA. Should I Convert $100,000 Per Year to a Roth to Avoid RMDs? appeared first on SmartRea

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I Was Planning on Taking My RMDs and Converting Them to a Roth, But Was Told I Can't. Is That True?

If you’re looking for a tax-savvy way to deal with you required minimum distributions (RMDs), converting them into a Roth IRA isn’t an option. A financial advisor can help you plan for RMDs and figure out if a Roth conversion is right for you. It's relatively common for retirees to need a plan for their […] The post I Was Planning on Taking My RMDs and Converting Them to a Roth, But Was Told I Can’t. Is That True? 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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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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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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I Have $640k in a 401(k). How Do I Avoid Paying Taxes When Converting to a Roth IRA?

Converting a 401(k) to a Roth IRA can potentially provide valuable long-term benefits, but it also triggers a tax bill that you’ll need to plan for. While the taxes on a Roth conversion can’t be avoided, savers can reduce the burden through several strategies like gradual conversions and timing adjustments. Those nearing retirement can weigh […] The post I Have $640k in a 401(k). How Do I Avoid Paying Taxes When Converting to a Roth IRA? appeared first on SmartReads by SmartAsset.

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