Can a ROTH Conversion Help with Taxes?
Greg Lavelle points out that U.S. debt is currently at $26 trillion and continuing to rise as the coronavirus pandemic rages on. At some point, taxpayers may have to pay this debt through higher tax rates and taxes on Required Minimum Distributions, or RMDs, on retirement accounts. Lavelle says that a ROTH conversion might be an option for some to mitigate the tax burden in retirement, freeing up resources to reinvest and grow. He also says knowing your tax bracket and being aware of ways to reduce it can be helpful. Entrepreneurship is one viable way of reducing one’s tax bracket.
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