Anyone rolling IRA to a Roth now that market is down?

Bushmaster

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Jul 27, 2018
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It hit me a little late that I might consider doing this for 2020. I have the ability to manipulate my income and the timing is right for this.

Also, with the passage that you can take up to $100,000 without the 10% penalty and pay the tax over 3 years, I have considered doing this and putting it into a Roth. I think the loophole will be closed on this one though. Some folks disagree that you can do this. I haven't read that closely on it but if it is allowed, expect that loophole to close.
 

EyeDocGator

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Oct 26, 2015
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I am rolling IRAs into Roth accounts. I've been doing it for a couple of years and will continue for a few more since I have huge charitable deductions that expire after 5 years. This puts me into the lowest bracket and decreases future taxes (God knows what the rate will be in a few years). I don't think the market being up or down is a factor for me.
 

FireFoley

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Nov 19, 2014
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The government is going to rescind that law and make the gains taxable.

I do not see that happening. If that is the case, then there will be no such thing as a Roth. And as someone mentioned any gains made would be grandfathered in. If they tried to go after those gains, they would lose that case. Just think about how different many people invest in a Roth account vs. a tax deferred account.
 

BMF

Bad Mother....
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Sep 8, 2014
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I do not see that happening. If that is the case, then there will be no such thing as a Roth. And as someone mentioned any gains made would be grandfathered in. If they tried to go after those gains, they would lose that case. Just think about how different many people invest in a Roth account vs. a tax deferred account.

I agree. And if they do, as no1 said, they'll grandfather those already in. If they do mess with it, they likely lower the amount you can contribute to it.
 

Concrete Helmet

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Jul 29, 2014
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Did anyone take advantage of this? I really should have done it this year but next year is looking like a good amount of tax write offs too. I think I've also read that you don't have to convert all at once( I'd rather stagger it depending on my tax write offs year to year.)
 

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