Tag: Roth IRA
Tax-free rollover from 529 plans to Roth IRAs will be allowed starting in 2024
In December 2022, Congress passed an extensive spending bill that includes the highly anticipated retirement legislation known as SECURE Act 2.0. Among the provisions of SECURE Act 2.0 is the introduction, starting in 2024, of a new option allowing certain...
Down market could be right time to convert IRA to Roth IRA
The recent market downturn has reduced the value of many IRA accounts, presenting a potential opportunity to convert IRAs into Roth IRAs. While converting, taxes will be owed on the converted IRA value, but with current lower asset values, the...
How to enhance retirement planning under new tax laws
A recent article from CNBC outlined several ways taxpayers can improve retirement planning under new the tax laws. Here’s an overview: Move to a low-tax state. New caps on state and local tax deductions make retirement in high-tax, blue states...