What not to do in Tax and Retirement

“You could have converted $20,000 from my IRA to a Roth IRA and paid NO tax. But I didn’t find out in time.” This happens a lot. It can be avoided with smart planning. Tax planning does you no good once the year is over. Low-income years can particularly useful and you should use them to your advantage. Losing a job or otherwise having less income is never good—but it may present a tax planning opportunity. If you have a year with high deductions, such as the mortgage interest deduction and health-related expenses—and low income that year—you may be able to use it to your advantage by converting some of your IRA to a Roth IRA and pay little-to-no tax. This can save you thousands of dollars—but it doesn’t happen unless you do your tax planning before the year ends. Tax planning can help your nest egg last longerwhat not to do.
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