Craig Wear, CFP®Craig Wear, CFP® | Expert in Roth Conversions & Tax-Efficient Retirement Strategies for IRA Millionaires

Maximizing Roth Conversions to Avoid Penalties

15 Aug 2024 · 0 min

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0:23

Short video clip (Craig Wear, CFP®) advising viewers to consult their tax professional when planning Roth conversions. The speaker warns that converting large amounts (e.g., adding $200k–$300k of conversion income) after retirement can be complicated and may trigger underpayment penalties if not managed properly.

I know our CFPs work with people every day to help them come up with the right strategy. Certainly you would want to consult with whatever tax professional that you're using. It can be complicated, and especially when you go from maybe just retired and low income to all of a sudden adding two or $300,000 of Roth conversion income into your life. You want to make sure that you don't get tagged for underpayment of penalties.