Roth IRA Conversions
Tax free distributions? Sign me up! When it comes to your retirement accounts you might be thinking about the taxes you’re going to have to pay when you are retired and taking money from your retirement accounts. But did you know that with a Roth IRA, your distributions are tax free? Also, you don’t have to take a required minimum distribution each year like you do with a traditional IRA.
Did you know that in 2019, you can contribute up to $6,000 to a Roth IRA? Plus, if you are the age 50 or older, you can contribute an additional $1,000. This amount is in addition to your contributions to a 401k or employer sponsored plan. There are two different ways to contribute to a Roth IRA. One way is to contribute directly into the account. The second way is to convert an IRA or a 401k into a Roth IRA.
Watch this video to learn more about Converting an IRA to a Roth IRA in St. Paul Minnesota.