MARK KOHLERMain Street Professionals, Main Street Professionals, Main Street Professionals, Main Street Professionals, Main Street Professionals, LLC · Owner at Main Street Professionals, LLC

The 9th Tax Day of Christmas: The Roth Conversion

27 Dec 2019 · 1 min

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This content was created by MARK KOHLER. This content was uploaded by MARK KOHLER. This is a YouTube segment titled "The 9th Tax Day of Christmas: The Roth Conversion" (posted 2019-12-27) featuring MARK KOHLER giving a solo, informational talk about Roth IRAs. He explains Roth conversions and deadlines — conversions of traditional IRA/401(k) funds must be designated in writing before December 31 to count for that year, while backdoor Roth contributions may be completed by April 15 of the following year — and encourages continued funding of Roth accounts as a long-term tax strategy.

Chapters

On the ninth day of Christmas my true love gave to me a Roth ira. Oh, my gosh, that's a great gift. Not nine ladies dancing. Now, some might appreciate that, but a Roth IRA is a big deal. The deadline that I want to talk about before December 31st is a Roth conversion. So if any of you want to take traditional IRA money or traditional money in your 401k and convert it to a Roth, you've got to designate that in writing before December 31st. This involves calling your broker or your custodian, filling out a little bit of paperwork. Now, you can still do A backdoor Roth IRA for this year up until April 15th of next year and do contributions before April 15th if you qualify for a Roth. But the conversion, something that you want to have applicable in this year, must be done before December 31st. Look at the article below, some of the rules that are involved there. You're going to love it. It's a great tax strategy that will pay off for many. Many come. And I'm just going to say keep funding that Roth ira. Once you do the conversion, don't give up on it. It could be a huge part of your future retirement. Saving.