Income Taxes and Record Keeping ( tax ) Message Board

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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )

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To: Investor2 who wrote (809)	3/28/1998 10:05:00 PM
From: Colin Cody	Read Replies (3) of 5810

"The short-term tax consequences of conversion could be significant. In my case, converting would be the equivilent of giving state and federal government thirty-some percent of my savings"... . This could be true for most taxpayers. You need to weigh the tax benefits which include: Eliminating cash from taxable sources (you need to pay the tax) Eliminating assets from your taxable estate. (offset by item below) NO federal income taxes will be due on most any FUTURE earnings of the investments within the Roth IRA. When you retire and start withdrawing, you will need to withdraw LESS each year (because you don't have the taxes to pay) and therefore the IRA balance with GROW tax free returning to you even more funds availability. Colin

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