BASKING RIDGE, NJ - Are you considering converting your IRA or employer plan assets to a Roth IRA?
You may be searching for ways to reduce your tax bill in retirement, and a Roth IRA can do just that. However, before you make any moves with your money, there are other tax implications you should consider first.
One of the biggest questions you must answer before converting to a Roth IRA is how you will pay for the taxes that will be due when the conversion is executed. When converting to a Roth IRA, you will trigger a taxable event, so your ability to pay that tax with outside money should be a large factor in your decision.
For professional assistance with your Roth IRA conversion,or if you need help preparing your 2016 Tax return contact Walter Pardo of WFP Tax Partners at our Basking Ridge office at (877) 714-2362