You also can stretch a conversion to a Roth IRA over several years, which can minimize the tax sting and can help ensure the switch doesn’t push you into a higher tax bracket in any given year.
However, before you get the wheels rolling, there are some aspects of the conversion to consider.
For starters, you need to make sure you have enough cash available to pay the taxes due.
Also, new tax rules that took effect this year eliminate the option to change your mind for conversion done in 2018 or later.
“If you do the conversion, you’re locked in,” Ramnani said.
Additionally, the Roth IRA generally must remain untapped for at least five years after the conversion for you to take advantage of completely tax-free withdrawals.
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