Click here to load reader
Upload
wayne-demeester
View
59
Download
2
Embed Size (px)
DESCRIPTION
As the managing director of Definitive Advisors, LLC, Wayne Demeester advises clients regarding their investments. Maintaining affiliation with Soltis Investment Advisors, LLC, Wayne Demeester’s firm refers clients to Soltis for a diverse range of retirement planning and wealth management services. Among the income tax solutions offered is analysis of 401(k) and IRA distributions, as well as Roth IRA conversions.
Citation preview
As the managing director of Definitive Advisors, LLC, Wayne Demeester advises clients regarding their investments. Maintaining affiliation with Soltis Investment Advisors, LLC, Wayne Demeester’s firm refers clients to Soltis for a diverse range of retirement planning and wealth management services. Among the income tax solutions offered is analysis of 401(k) and IRA distributions, as well as Roth IRA conversions.
When converting to Roth IRAs, investors pay taxes on the plan now and in return receive future tax-free treatment when funds are withdrawn. This tax-free status is contingent on not taking Roth IRA distributions until after age 59 and a half. In addition, the money must have been invested for at least five years.
Since 2010, the Roth IRA landscape has changed dramatically. In particular, taxpayers with adjusted gross income exceeding $100,000 may now place their money into a Roth. Additionally, a couple who files taxes under the “married filing separately” category can now contribute to Roth IRAs. It makes sense to consult with an experienced tax consultant and map out the lifetime tax cost before converting to a Roth.