The Chancellor’s winter economy plan unveiled further measures to protect jobs in the wake of the COVID-19 pandemic. … Read more
At this webinar, our Corporate Finance team discussed CBILS, Bounce Back Loans, Future Fund and CJRS, and provided a session on forecasting. … Read more
We are pleased to invite you to the first webinar in our upcoming four-part series of Trustee Training events … Read more
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Generally, subsequent withdrawals from a Roth IRA are not taxable, and no minimum distribution is required each year after reaching age 70 ½ (unlike for traditional IRAs). Conversions are taxable in the US at ordinary Income Tax rates and so will create a tax charge for 2018 that must be met by other sources of cash. However, given the flexibility that a Roth may bring, taxpayers who are more suited to a Roth IRA from an investment perspective may wish to consider making the conversion now. Where contributions into the 401(k) plan or traditional IRA also involve a period of foreign service, available foreign tax credits may be used to reduce the liability. No NIIT (Net Investment Income Tax) is due on any distribution, conversion or rollover to/from a Roth IRA account.
Some people may want to consider transferring their traditional IRA/401(k) plan into a Roth IRA before the end of 2018.
