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Tag Archives: Roth IRA

Is This an Opportune Time to Convert Your Traditional IRA to a Roth IRA?

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on October 18, 2022 by Lake Wylie Tax Services StaffOctober 18, 2022

Roth IRA vs Traditional IRA in a Down Stock MarketIf your traditional IRA is invested in stocks and/or mutual funds, the recent substantial downward slide by the stock markets may provide a unique opportunity to convert your traditional IRA to a Roth IRA at a low cost, and then benefit when the markets recover.

Why would you want to do that? Because Roth IRA distributions provide tax free retirement benefits while payouts from Traditional IRAs are taxable.

Of course there is no assurance that the markets will not continue to decline, and this may not be the most opportune time to make a conversion in your specific circumstances but is something you may want to consider. Conversions provide the most benefit to younger individuals who can look forward to many years of the tax-free growth provided by a Roth IRA.

You don’t have to convert all of your traditional IRA in one year. You can convert what you can afford to pay the tax on each year.

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Posted in Retirement Planning | Tagged IRA, Roth IRA, Traditional IRA

What’s Best for You – Traditional or Roth IRA?

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on April 28, 2020 by Lake Wylie Tax Services StaffApril 28, 2020

Traditional or Roth IRAThe tax code offers two types of IRAs; one is referred to as the traditional individual retirement account (IRA), so named because it was the first type of IRA available, having been created by Congress back in the 1970s. The second type is the Roth IRA, established in 1997 and named after William Roth, who was a senator from Delaware. Which one is best for you?

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Posted in Retirement Planning | Tagged IRA, Retirement, Roth IRA, Traditional IRA
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