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Do you or don't you want to convert to the Roth 401(k) or a 403(b) by the end of 2010? That's the hot retirement-planning topic of the year for anyone, especially those on the verge of retirement.
Roth Conversion Rules. Because Roth accounts are not subject to the required minimum distribution (RMD) rules that apply to 401(k) accounts, a retirement saver may want to consider converting ...
For example, say that you convert $100,000 from your 401(k) to a Roth IRA in 2024. Your taxable income for 2024 would increase by $100,000. This means that part of making a Roth conversion is ...
The Roth 401(k) program was originally set up to sunset after 2010, along with the rest of EGTRRA 2001. The Pension Protection Act of 2006 extended it. Until the end of 2022, owners of Roth 401(k) accounts (designated Roth accounts) must begin distributions at age 72, as with IRAs and other retirement plans. (Pub 4530)
Transferring funds from a 401(k) to a Roth IRA can help a retirement saver control the timing and, potentially, the amount of their future tax liability. In general, if your applicable income tax ...
In short, doing a mega backdoor requires you to make after-tax contributions to a 401(k) and then convert them to your Roth 401(k) or to a Roth IRA. However, it depends on what your workplace ...
The nice thing about Roth 401(k)s is that they don’t impose RMDs for someone who will only reach 73 after 2024. So if you convert your traditional 401(k) to a Roth, you can get out of taking ...
In other words, the impact of a Roth conversion could be bigger than expected in either direction.(A financial advisor can help you determine the relevant tax rates so you can make a wise decision ...