June 20, 2019
If you have a substantial balance in a traditional IRA and are considering converting it to a Roth IRA, consider doing so now. Why? You have to pay taxes on the conversion and the Tax Cuts and Jobs Act (TCJA) reduced income tax rates through 2025. Roth IRAs offer tax advantages if you expect your future tax rate to be higher. By temporarily lowering individual income tax rates, the TCJA ensures that your rate will increase in 2026 (unless a future Congress lowers tax rates). From an estate planning perspective, a Roth IRA has two advantages: 1) It doesn’t mandate required minimum distributions (RMDs) beginning at age 70½, and 2) your beneficiaries can withdraw funds from a Roth IRA tax-free.
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Merline & Meacham, P.A. is pleased to announce that David Merline, Jr., Keith Meacham and Robert August have been selected to the 2019 South Carolina Super Lawyers list
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