{"id":285,"date":"2014-05-01T18:28:47","date_gmt":"2014-05-01T18:28:47","guid":{"rendered":"http:\/\/localhost:8888\/Advisors_Websites\/Michael_Burleigh\/PeakCapitalManagement\/\/?p=285"},"modified":"2015-02-19T19:16:34","modified_gmt":"2015-02-19T19:16:34","slug":"ira-conversions","status":"publish","type":"post","link":"https:\/\/stearnsretirementgroup.com\/ira-conversions\/","title":{"rendered":"IRA Conversions"},"content":{"rendered":"<p>The Roth IRA offers a number of advantages over its traditional counterpart. These include:<\/p>\n<ul>\n<li>Tax-free distributions at retirement<\/li>\n<li>Ability to continue making contributions beyond age 70-1\/2<\/li>\n<li>No required minimum distributions beginning in the year you turn 70-1\/2<\/li>\n<li>Leaving assets to survivors that are free from income taxes<\/li>\n<\/ul>\n<p>Details on eligibility to convert a traditional IRA to a Roth IRA:<\/p>\n<ul>\n<li>For years before 2010, if your filing status is married filing separately, you don&#8217;t qualify unless you lived apart from your spouse for the entire year.<\/li>\n<li>For years before 2010, if your modified adjusted gross income is greater than $100,000, you can&#8217;t convert a traditional IRA to a Roth IRA.<\/li>\n<li>For years before 2008, direct conversions from an employer plan to a Roth IRA were not permitted. You can do that now, but in some situations it may be preferable to roll to a traditional IRA and then convert to a Roth IRA.<\/li>\n<li>If you inherited a traditional IRA from a person other than your spouse, you can&#8217;t convert it to a Roth IRA.<\/li>\n<li>You can convert a traditional IRA to a Roth IRA even if you made a rollover within the previous 12 months.<\/li>\n<li>If you&#8217;re otherwise eligible, you can convert part of a traditional IRA to a Roth IRA. But you can&#8217;t convert only the nontaxable part.<\/li>\n<\/ul>\n<p>Assets converted to a Roth IRA must remain in the account for at least five years before any distributions are taken. Otherwise, a significant tax penalty may apply.<\/p>\n<p>You&#8217;ll maximize the potential for tax-free income later if you pay conversion taxes out of pocket, rather than withdrawal them from your IRA. If you can&#8217;t pay conversion taxes without using part of your IRA funds, you probably shouldn&#8217;t convert unless you are certain you will be in a high tax bracket during retirement.<\/p>\n<div class=\"legal-footer\">\n<p>Material discussed is meant for general illustration and\/or informational purposes only and it is not to be construed as tax, legal, or investment advice. \u00a0Although the information has been gathered from sources believed to be reliable, please note that individual situations can vary therefore, the information should be relied upon when coordinated with individual professional advice. Past performance is no guarantee of future results. Diversification does not ensure against loss. Source: Financial Visions, Inc.<\/p>\n<p>&nbsp;<\/p>\n<p>This information is designed to provide a general overview with regard to the subject matter covered and is not state specific. The authors, publisher and host are not providing legal, accounting or specific advice to your situation<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Roth IRA offers a number of advantages over its traditional counterpart. These include: Tax-free distributions at retirement Ability to continue making contributions beyond age 70-1\/2 No required minimum distributions [&hellip;]<\/p>\n","protected":false},"author":15,"featured_media":286,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"_price":"","_stock":"","_tribe_ticket_header":"","_tribe_default_ticket_provider":"","_tribe_ticket_capacity":"0","_ticket_start_date":"","_ticket_end_date":"","_tribe_ticket_show_description":"","_tribe_ticket_show_not_going":false,"_tribe_ticket_use_global_stock":"","_tribe_ticket_global_stock_level":"","_global_stock_mode":"","_global_stock_cap":"","_tribe_rsvp_for_event":"","_tribe_ticket_going_count":"","_tribe_ticket_not_going_count":"","_tribe_tickets_list":"[]","_tribe_ticket_has_attendee_info_fields":false,"footnotes":""},"categories":[16,3],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>IRA Conversions - Stearns Retirement Group<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/stearnsretirementgroup.com\/ira-conversions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IRA Conversions - Stearns Retirement Group\" \/>\n<meta property=\"og:description\" content=\"The Roth IRA offers a number of advantages over its traditional counterpart. These include: Tax-free distributions at retirement Ability to continue making contributions beyond age 70-1\/2 No required minimum distributions [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/stearnsretirementgroup.com\/ira-conversions\/\" \/>\n<meta property=\"og:site_name\" content=\"Stearns Retirement Group\" \/>\n<meta property=\"article:published_time\" content=\"2014-05-01T18:28:47+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2015-02-19T19:16:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/stearnsretirementgroup.com\/wp-content\/uploads\/2014\/05\/IRA_Conversions.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"880\" \/>\n\t<meta property=\"og:image:height\" content=\"880\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"David Stearns\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"David Stearns\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/stearnsretirementgroup.com\/ira-conversions\/\",\"url\":\"https:\/\/stearnsretirementgroup.com\/ira-conversions\/\",\"name\":\"IRA Conversions - Stearns Retirement Group\",\"isPartOf\":{\"@id\":\"https:\/\/stearnsretirementgroup.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/stearnsretirementgroup.com\/ira-conversions\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/stearnsretirementgroup.com\/ira-conversions\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/stearnsretirementgroup.com\/wp-content\/uploads\/2014\/05\/IRA_Conversions.jpg\",\"datePublished\":\"2014-05-01T18:28:47+00:00\",\"dateModified\":\"2015-02-19T19:16:34+00:00\",\"author\":{\"@id\":\"https:\/\/stearnsretirementgroup.com\/#\/schema\/person\/99b5879cfc54442ef587b7c877bdaaf9\"},\"breadcrumb\":{\"@id\":\"https:\/\/stearnsretirementgroup.com\/ira-conversions\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/stearnsretirementgroup.com\/ira-conversions\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/stearnsretirementgroup.com\/ira-conversions\/#primaryimage\",\"url\":\"https:\/\/stearnsretirementgroup.com\/wp-content\/uploads\/2014\/05\/IRA_Conversions.jpg\",\"contentUrl\":\"https:\/\/stearnsretirementgroup.com\/wp-content\/uploads\/2014\/05\/IRA_Conversions.jpg\",\"width\":880,\"height\":880,\"caption\":\"IRA Conversions\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/stearnsretirementgroup.com\/ira-conversions\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/stearnsretirementgroup.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"IRA Conversions\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/stearnsretirementgroup.com\/#website\",\"url\":\"https:\/\/stearnsretirementgroup.com\/\",\"name\":\"Stearns Retirement Group\",\"description\":\"Tax and Insurance Services\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/stearnsretirementgroup.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/stearnsretirementgroup.com\/#\/schema\/person\/99b5879cfc54442ef587b7c877bdaaf9\",\"name\":\"David Stearns\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/stearnsretirementgroup.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/e1e0890f32e77613bed2060d174d8c81?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/e1e0890f32e77613bed2060d174d8c81?s=96&d=mm&r=g\",\"caption\":\"David Stearns\"},\"url\":\"https:\/\/stearnsretirementgroup.com\/author\/dstearns-admin\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"IRA Conversions - Stearns Retirement Group","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/stearnsretirementgroup.com\/ira-conversions\/","og_locale":"en_US","og_type":"article","og_title":"IRA Conversions - Stearns Retirement Group","og_description":"The Roth IRA offers a number of advantages over its traditional counterpart. These include: Tax-free distributions at retirement Ability to continue making contributions beyond age 70-1\/2 No required minimum distributions [&hellip;]","og_url":"https:\/\/stearnsretirementgroup.com\/ira-conversions\/","og_site_name":"Stearns Retirement Group","article_published_time":"2014-05-01T18:28:47+00:00","article_modified_time":"2015-02-19T19:16:34+00:00","og_image":[{"width":880,"height":880,"url":"https:\/\/stearnsretirementgroup.com\/wp-content\/uploads\/2014\/05\/IRA_Conversions.jpg","type":"image\/jpeg"}],"author":"David Stearns","twitter_misc":{"Written by":"David Stearns","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/stearnsretirementgroup.com\/ira-conversions\/","url":"https:\/\/stearnsretirementgroup.com\/ira-conversions\/","name":"IRA Conversions - Stearns Retirement Group","isPartOf":{"@id":"https:\/\/stearnsretirementgroup.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/stearnsretirementgroup.com\/ira-conversions\/#primaryimage"},"image":{"@id":"https:\/\/stearnsretirementgroup.com\/ira-conversions\/#primaryimage"},"thumbnailUrl":"https:\/\/stearnsretirementgroup.com\/wp-content\/uploads\/2014\/05\/IRA_Conversions.jpg","datePublished":"2014-05-01T18:28:47+00:00","dateModified":"2015-02-19T19:16:34+00:00","author":{"@id":"https:\/\/stearnsretirementgroup.com\/#\/schema\/person\/99b5879cfc54442ef587b7c877bdaaf9"},"breadcrumb":{"@id":"https:\/\/stearnsretirementgroup.com\/ira-conversions\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/stearnsretirementgroup.com\/ira-conversions\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/stearnsretirementgroup.com\/ira-conversions\/#primaryimage","url":"https:\/\/stearnsretirementgroup.com\/wp-content\/uploads\/2014\/05\/IRA_Conversions.jpg","contentUrl":"https:\/\/stearnsretirementgroup.com\/wp-content\/uploads\/2014\/05\/IRA_Conversions.jpg","width":880,"height":880,"caption":"IRA Conversions"},{"@type":"BreadcrumbList","@id":"https:\/\/stearnsretirementgroup.com\/ira-conversions\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/stearnsretirementgroup.com\/"},{"@type":"ListItem","position":2,"name":"IRA Conversions"}]},{"@type":"WebSite","@id":"https:\/\/stearnsretirementgroup.com\/#website","url":"https:\/\/stearnsretirementgroup.com\/","name":"Stearns Retirement Group","description":"Tax and Insurance Services","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/stearnsretirementgroup.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/stearnsretirementgroup.com\/#\/schema\/person\/99b5879cfc54442ef587b7c877bdaaf9","name":"David Stearns","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/stearnsretirementgroup.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/e1e0890f32e77613bed2060d174d8c81?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/e1e0890f32e77613bed2060d174d8c81?s=96&d=mm&r=g","caption":"David Stearns"},"url":"https:\/\/stearnsretirementgroup.com\/author\/dstearns-admin\/"}]}},"_links":{"self":[{"href":"https:\/\/stearnsretirementgroup.com\/wp-json\/wp\/v2\/posts\/285"}],"collection":[{"href":"https:\/\/stearnsretirementgroup.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stearnsretirementgroup.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stearnsretirementgroup.com\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/stearnsretirementgroup.com\/wp-json\/wp\/v2\/comments?post=285"}],"version-history":[{"count":0,"href":"https:\/\/stearnsretirementgroup.com\/wp-json\/wp\/v2\/posts\/285\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/stearnsretirementgroup.com\/wp-json\/wp\/v2\/media\/286"}],"wp:attachment":[{"href":"https:\/\/stearnsretirementgroup.com\/wp-json\/wp\/v2\/media?parent=285"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stearnsretirementgroup.com\/wp-json\/wp\/v2\/categories?post=285"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stearnsretirementgroup.com\/wp-json\/wp\/v2\/tags?post=285"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}