How Do SMART 401(k) Millionaires Pay Their Roth Conversion Tax? #rothconversion #taxplanning #retirementplanning
Certified Financial Planner, Joe Franklin shares where to pull funds from to pay Roth Conversion Taxes and the optimal time to convert. This video explains strategies for Roth conversions, including how to pay taxes using outside sources and the benefits of converting now versus being forced later. Learn how a smart roth conversion strategy can optimize your retirement planning and reduce future retirement taxes.
Many recognize the value of Roth conversions, especially with substantial savings in 401ks and IRAs. This video explores strategies for Roth conversions, illustrating how to manage taxes using external sources and the advantages of converting now versus being compelled later, helping to optimize your retirement accounts. We also caution about Medicare IRMAA cliffs and suggest utilizing a donor advised fund for significant contributions to gain tax credits over several years, making your retirement taxes more manageable.
