Do you have an IRA? Have you ever considered a Roth Conversion?
You might already know the advantages of converting to a Roth IRA. After age 59.5, all distributions are income-tax-free. An added bonus, your heirs receive the same income-tax-free treatment when they take distributions.
What might keep you from making a Roth conversion? A Roth conversion is a taxable event. However, the Coronavirus may just change your point of view about delaying a Roth conversion.
The bailout packages have cost the government trillions of dollars. Do you think this will be the only bailout package that comes out of Washington as a reaction to the virus? Probably not. With the above in mind, the question that smart investors are asking, “How will the Federal Government fill the multitrillion hole the Virus will leave behind?” You are right! The Government must raise our income taxes. This means income taxes on IRA distributions could be higher in the future. ALL EXCEPT FOR THE OWNERS OF A ROTH IRA.
2020, may be the last year of the Trump “Income Tax Sale”. If you have ever considered a Roth conversion, this may be your best opportunity to beat an inevitable income tax increase.
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