Reported about 1 month ago
In a recent discussion on Yahoo Finance's Decoding Retirement, retirement expert Anne Lester clarified that while there are no upfront charges for converting an IRA to a Roth IRA, the converted amount is subject to ordinary income tax in the conversion year. Additionally, individuals might encounter 'stealth taxes,' such as higher Medicare premiums due to increased income, and the conversion may lead to a higher tax bracket.
Source: YAHOO