What Is a Roth Conversion and How Does It Work?
March 22, 2024
Have you wondered what a Roth conversion is and how it works? Josh Palmer, Director of Financial Planning at The Noble Group, walks through the differences between Traditional and Roth IRAs and illustrates how a Roth conversion could impact your retirement.
Traditional IRA account owners have considerations to make before performing a Roth IRA conversion. These primarily include income tax consequences on the converted amount in the year of conversion, withdrawal limitations from a Roth IRA, and income limitations for future contributions to a Roth IRA. In addition, if you are required to take a required minimum distribution (RMD) in the year you convert, you must do so before converting to a Roth IRA.
Securities and advisory services offered through LPL Financial, a registered investment advisor, Member FINRA/SIPC.
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