Reported 1 day ago
Due to their income exceeding the Roth IRA contribution limit, a couple earning over $350,000 seeks guidance on converting their 401(k)s to Roth IRAs before retirement. Income limits apply to direct contributions, but there are no restrictions on conversions, allowing the couple to start converting their tax-deferred savings now. However, the timing and amount of conversion can impact tax obligations; consulting a financial advisor is recommended to navigate these decisions effectively.
Source: YAHOO