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Converting Traditional to a Roth IRA?

June 20, 2019
by Merline & Meacham, PA
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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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    • Our Firm
    • Practice Areas
      • Business Entities
      • Charitable Planning
      • Employee Benefits/ERISA
      • Estate and Gift Taxes
      • Estate Planning
      • Income Tax Law
      • Mergers and Acquisitions
      • Non-Profit/Tax Exempt
      • Probate/Estate Admin.
      • Tax Controversies
      • Wills and Trusts
    • Attorneys
      • Robert E. August
      • Jonathan R. Colao
      • Phillip J. Martin
      • Keith G. Meacham
      • W. Verne McGough, Jr.
      • Andrew D. Merline
      • David A. Merline, Jr.
      • Marie Monroe
      • J. Aaron Nelson, Jr.
      • Douglas B. O’Neal
      • David M. Thompson
    • Firm News
    • Resources