Good Morning Everyone - Another question that I am getting from many of you and considering for myself is whether to convert your IRA into a ROTH IRA.
I always try to steer clear of opinion from those who have something to gain (i.e. commissions) and rather try to find guidance that is unbaised (hopefully). Robrt Keebler, CPA wrote this article in Journal of Retirement Planning "To Convert or Not to Convert, That is the Question" , Roth IRA Conversions (this is an easy read - start with this one), as well as, this article which is more pessimistic thinking about conversion "The Great Roth Conversion Farce". I hope that this two article provide you a basis of preparing for your discussions with your CPA and financial planner to help you decide.
In addition to these articles, I have read how there may be differences in asset protection in an IRA versus a Roth IRA (my understanding is Roth trusts are under state jurisdiction while IRAs are governed by ERISA/Federal). Either way, this is an example of why you should probably seek the advice of a qualified professional prior to converting your IRA.
Eura Tunstall, CPA
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Disclaimer: This posting is not intended to be professional accounting or legal advice. Please seek professional quidance. IRS Circular 230 requires that we inform you that the advice contained herein is not intended to be used, and it cannot be used, for the purpose of avoiding penalties that may be imposed by the IRS.
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