Reported 1 day ago
In a recent advisory column, financial expert Susannah Snider addresses whether individuals can transfer funds from a tax-deferred 401(k) to a Roth IRA without incurring taxes. The consensus is that while it's impossible to entirely avoid taxes on such a conversion, there are strategies to minimize tax liabilities. These include spreading rollovers over multiple years, converting during low-income times, and paying taxes from non-retirement funds. Consulting with a financial advisor is recommended to navigate these options effectively.
Source: YAHOO