Converted Your Traditional IRA to a Roth IRA? Worried You May Have Done It Too Soon if Tax Reform Pa

Article Highlight: Converting Traditional IRA Funds to a Roth IRA Recharacterizations - Undoing the Conversion Benefits of Recharacterizations Recharacterization Timing When you convert a traditional IRA to a Roth IRA, you have to pay the tax on the conversion. However, individuals frequently do that this so they can take advantage of future tax-free accumulations. Distributions from Roth IRAs are generally tax free, including any earnings (accumulations) while the account is a Roth account. Are you considering converting your traditional IRA to a Roth IRA in 2017? Are you hesitant to do so because of uncertainty about the timing and specifics of the Administration’s and Congress’ proposa

Ignoring Those IRS Notices Only Makes It Worse

Article Highlights: IRS Informational Forms Computer Matching IRS Correspondence Procrastination Need for Professional Review Remember those 1099s, W-2s, K-1s and other informational forms you receive each year reporting your interest, dividends, sales, wages, retirement income, IRA withdrawals, health insurance forms and other items having to do with your tax return? Well, the IRS also gets this information and feeds it into its computers. Thanks to modern computer technology, the IRS is able to match that information to what you reported on your tax return, and if something significant is omitted or there’s a discrepancy with the numbers, the IRS is going to send you a letter asking for an

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