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How To Minimize Your Taxes in the Roth IRA Conversion Strategy

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Sun, Nov 3, 2024 02:03 PM

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You are receiving this email because you signed up to receive Bob Carlson's free e-letter Retirement

You are receiving this email because you signed up to receive Bob Carlson's free e-letter Retirement Watch Weekly, or you purchased a product or service from its publisher, Eagle Financial Publications. [Carlson's Retirement Watch Weekly] [Retirement Reports](www.retirementwatch.com/retirement-resources/) [Retirement Articles](www.retirementwatch.com/retirement-articles/) Brought to you by Eagle Financial Publications How To Minimize Your Taxes in the Roth IRA Conversion Strategy by Bob Carlson Editor, [Retirement Watch]( 11/03/2024 SPONSORED [The most powerful trade you've NEVER heard of]( [image]( 310F: These four characters could hold the secret to the most powerful trade you've never heard of. It's released every Tuesday and could DOUBLE your money by Friday. One trader has been quietly using it to generate spectacular, consistent results, making money 99.1% of the time. [This shocking video exposes how you too can use this trade to double your money week after week.]( [CLICK HERE...]( Fellow Investor, [Bob Carlson]Here’s the follow-up (how to convert your traditional IRA to a Roth with minimal tax burden) to last week's Retirement Watch Weekly. Next Step: Reduce your adjusted gross income (AGI). You'll find AGI on the first page of Form 1040, on line 11. The deductions you can take from gross income to arrive at AGI are on Schedule 1 of Form 1040. All the deductions are too numerous to list here, but they include retirement plan contributions for the self-employed, health savings account contributions, medical insurance premiums for the self-employed, and one-half of self-employment taxes. Review the form to see if you can take or increase any of the deductions. Next Step: Increase your charitable contributions. When you’re charitably inclined, increasing contributions for the year can reduce taxable income (when you itemize expenses) and reduce the cost of doing an IRA conversion. You can bunch several years of charitable contributions in one year by taking the money from savings. Contributing to a donor-advised fund is a popular way to do this. Or you can donate an appreciated investment, such as shares of a stock or mutual fund. This doesn’t require any cash and allows you to deduct the fair market value of the shares without having to pay capital gains taxes on the appreciation that occurred while you owned the property. Next Step: Pay the conversion taxes from non-IRA funds. When you take cash out of the IRA to pay taxes on the conversion, you also include that amount in gross income and pay taxes on it. So, you’re sort of paying taxes on the taxes. A conversion costs less when the conversion taxes are paid using cash from other accounts on which you already paid taxes. That also ensures the entire amount taken from the traditional IRA is rolled to the Roth IRA. You receive a bigger payoff from the conversion by having more tax-free income in the future. [Retirement in a Box: From Zero to $2,500 a Month]( [image]( There is a way retirees can collect thousands of dollars per month for the rest of their lives -- tax-free. Plus, this tax-free income source is 100% legal and approved by the IRS. And here’s the kicker: even if they don’t have enough money put away yet for retirement... even if they’re over age 60... they can still get thousands of dollars a month from this opportunity. [Click here to find out more.]( [CLICK HERE...]( Next Step: Continue to monitor and evaluate your situation. You might determine early in the year that a conversion doesn’t make sense. But circumstances can change during the year. Some people retire or are laid off during the year, causing a substantial drop in gross income. That might be a good opportunity to convert IRA assets or increase the amount you were planning to convert. Or deductions might increase. Perhaps you incurred a large amount of deductible medical expenses. Or you decide to make a large charitable contribution that wasn’t planned earlier in the year. Changes in investment prices also can be a good time to review your decision. Suppose you planned to do a conversion at some point during the year. The markets, or one of your investments, suddenly enters a correction or bear market. Convert the assets before the price recovers and you’ll turn more future ordinary income into tax-free income at the same tax cost. Or suppose you weren’t planning to do a conversion this year. A significant market drop could improve the benefits of doing a conversion, because you’ll be able to convert more assets at the same tax cost. When you expect the prices to recover at some point, this is an opportunity to turn ordinary income into tax-free income at a reduced cost. You don’t have to convert the same assets. You can sell the assets in the traditional IRA and convert the cash. After the cash is in the Roth IRA, it can be invested in other assets you believe are more likely to appreciate than the investment you sold. I'll cover more on this still-developing topic in upcoming issues of Retirement Watch Weekly. To a better retirement, [Bob Carlson] Bob Carlson Editor, Retirement Watch Weekly Editor’s Note: Congress is spurring on the most dangerous retirement threat of the last 50 years. I’ll reveal the deadly truth behind this government move. Plus, the ONLY way to fully protect your wealth in the coming months. [Click Here for the Full Story.]( SPONSORED [Step by Step Guide to Using A.I. to Predict Options Trades]( [image]( Timing entry and exit points accurately is critical in options trading, but market timing can be challenging due to the unpredictable. You can learn how to approach your trades directly and without hesitation. How? Because you’ll be able to [map out where your trades are going in the next 1 - 3 days.]( That way you can avoid getting in too late or getting out too late and panic selling. If steering clear of these pitfalls is your immediate priority, then watch this [Step-by-Step Guide to Using A.I. to Predict Options Trades.]( [CLICK HERE...]( Want More Retirement Advice? Check out my website, [RetirementWatch.com](, where you’ll find hundreds of free articles covering every aspect of retirement planning. Popular Posts: [Marital Deduction - Dos and Don'ts]( [The Overlooked Triple Tax Saving Tactic]( [10 Basic Rules for Every Estate Plan]( [How to Vary Spending During Retirement]( New to the Retirement Watch Community: SeniorResource.com I’ve always prided myself on being able to explain the rationale behind various Social Security rules and regulations. However, even though I considered myself pretty much of an expert on the reasoning behind most of Social Security’s rules and regulations, there were some laws that even I couldn’t (and still can’t) explain. [I thought I’d share a few of them with you today.]( About Bob Carlson: [Bob Carlson]Robert C. Carlson is the author of the books The New Rules of Retirement and Retirement Tax Guide, editor and investment director of the popular retirement newsletter, Retirement Watch, and editor of the free weekly e-letter, Retirement Watch Weekly. Bob is a frequent speaker at investment conferences around the country, and you can also hear Bob as a featured guest on nationally-syndicated radio shows, such as The Retirement Hour, Dateline Washington, Family News in Focus, The Michael Reagan Show, Money Matters and The Stock Doctor. About Us: Eagle Financial Publications is located in Rosslyn, VA. – Blocks from the Capitol. Our products have been helping investors build their wealth for several decades. Whether you’re a long-term investor or short-term trader, you’ll find the right strategy for you, including how to earn more steady income to spend now, preserve and grow your capital to enjoy later, and whatever other investment goals you have. Visit Our Websites: - [StockInvestor.com]( - [DividendInvestor.com]( - [DayTradeSPY.com]( - [CoveredCall](.com - [MarkSkousen.com]( - [GilderReport.com]( - [BryanPerryInvesting.com]( - [JimWoodsInvesting.com]( - [RetirementWatch.com]( - [SeniorResource.com]( - [GenerationalWealthStrategies.com]( - [[YouTube] Visit our YouTube Channel - Eagle Investing Network]( To ensure future delivery of Eagle Financial Publications emails please add financial@info2.eaglefinancialpublications.com to your address book or contact list. This email was sent to {EMAIL} because you are subscribed to Dividend Investor Daily. To unsubscribe from this list please click [here](. To stop receiving emails simply click [here](. If you have questions, please send them to [Customer Service](mailto:customerservice@eaglefinancialpublications.com). View this email in your [web browser](. Legal Disclaimer: Any and all communications from Eagle Products, LLC. employees should not be considered advice on finances. Although our employees may answer your general customer service questions, they are not licensed under securities laws to address your particular investment situation. No communication by our employees to you should be deemed as personalized advice on finances. Salem Media Group - Eagle Financial Publications | 1735 N Lynn St, Suite 500, Arlington, VA 22209-2016 [Link](

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