Talk of The Villages Florida - Roth Conversions

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Quote:

Originally Posted by Tom52 (Post 2376979)

Can anyone recommend someone like a tax pro who would help me determine the tax consequences of, and recommended amount to convert from a conventional IRA to a Roth IRA?

Transfer your IRA account to Schwab. You will have the services of an advisor at no cost. Also, there is no cost to trade in stocks and bonds.

Quote:

Originally Posted by lawgolfer (Post 2377565)

Transfer your IRA account to Schwab. You will have the services of an advisor at no cost. Also, there is no cost to trade in stocks and bonds.

Schwab is not a tax pro as asked.

There seems to be a lot of misinformation being posted, a long with good information.

Each situation is different.

It all depends on the size of your IRA and your income.

Best to read some books, read the IRS regulations, understand how to complete your tax returns, and/or consult with a tax professional who can evaluate your particular situation.

I would not rely on any specifics here in this forum.

Please read a few books to understand what can and cannot be done. There is no one, simple solution for everyone.

"The Retirement Savings Time Bomb" by Ed Slott.

Quote:

Originally Posted by dewilson58 (Post 2377573)

Schwab is not a tax pro as asked.

This is correct

I doubt an advisor at a financial institution will give a customer personal tax advice like OP wants.

Quote:

Originally Posted by retiredguy123 (Post 2377472)

I would add that the same tax free treatment does not apply to an inherited Traditional IRA, if the money was initially deposited as a tax deduction. Also, there are complicated IRS rules for when the heirs must withdraw the money and pay the income tax.

Never typed that it did and not the topic of the post. The post comparison is and was taxable investment accounts and Roth IRAs are very similar after death for estate and inheritor taxes, assuming in a trust to avoid probate, and the only advantage over a Roth is tax free sales within the account, versus some potential taxes, unique to each account, during the owner's life of a taxable investment account. The FUD factor about taxable investment accounts is that yes tax may have to be paid, but there are tax minimization strategies available and only on sales of assets, not on ETF distributions until after a certain size, so that taxable amount may still be low/small or non existent.

Quote:

Originally Posted by manaboutown (Post 2377245)

Looks like she has an AUM fee structure. From her website:

Investment Management Fees - $1,000,000 minimum investment
1.20% annual on the first $1,000,000
1.00% annual on the next $500,000
0.80% annual on the assets above $1,500,000

That's a little pricey IMHO..

Her financial planning fee seems reasonable except that one must first be an AUM customer to obtain that service for which one is already paying a huge percentage of invested assets under her management every quarter.

From her website:

Financial Planning Fees
Comprehensive Tax, Financial & Retirement Plans Start at: $2,500 - $400 per hour

Also while I commend her for going to night school at Cal State Fullerton to obtain her bachelor's degree in business administration it is not a top business school.

I may have missed it but I did not see any statement on her website about her acting in a fiduciary capacity.

I'll pass...

Well, she IS fee only, and that fee has to come from *some*where. Don't slam me, I don't care if/where you get financial advice. I was just pointing out an option that is uncommon. Hard enough to find a fee-only advisor, but to find one that understands the tax implications of their investment advice - rare.

Be careful. The tax guy at our financial planner was wrong. We knew more than him.

Quote:

Originally Posted by SusanStCatherine (Post 2377695)

Be careful. The tax guy at our financial planner was wrong. We knew more than him.

This is why I will always ask about qualifications and experience.