Roth Conversion Concepts: How to Convert $1.2 Million IRA into Roth IRA at Age 65
Phoenix, Arizona – A 65-year-old individual in Phoenix, Arizona finds themselves with a $1.2 million IRA and is considering whether to convert it to a Roth IRA. This decision involves weighing the advantages of tax-free withdrawals and freedom from mandated distributions against the potential burden of a significant tax bill. While there are no age restrictions on Roth conversions, converting the entire $1.2 million at once could result in a hefty tax burden. However, opting …