When you convert a regular IRA to a Roth IRA the converted amount is treated as taxable income, but there are three other add-on taxes that could hit you that you need to know about.
Want to learn how you can keep minimum distributions as low as possible?
One of our clients recently asked us if there was a way they could fund a Roth IRA despite learning they made too much money. Thank goodness they did!
If you are retired, you can still make a contribution to an IRA or a Roth IRA? If you are 70-1/2, can you use some or all of your required minimum distribution to contribute to an IRA or Roth IRA?