Tax Planning Archives - HK Financial | Fee Only Financial Planning

Roth IRA Conversions in Covid-19 era

Hillel2020-12-01T00:33:15+00:00

What is a Roth IRA Conversion and Why Consider it Now? A Roth Conversion is a taxable distribution from an IRA. Proceeds are then contributed to a tax deferred Roth IRA. If taxes are paid using funds outside of the IRA, the full amount of the Roth IRA will grow tax deferred. A Roth IRA is attractive because there is no tax due on distributions at retirement. Please see the following video about the Roth IRA conversion opportunity. [...]

A Tax Season with a Surprise

2019-04-27T18:31:57+00:00

New Tax Law is Complicated Lawmakers promised that the TCJA (Tax Cuts and Jobs Act of 2017) would allow taxpayers to file their tax returns on a postcard. True, the new Form 1040 is half a page long. But, just about every line requires a detailed accompanying worksheet to provide backup for the calculation for that item. [...]