Trump's tax rate reductions are not expected to be enacted until at least 2017, but if and when enacted, could potentially offer taxpayers contemplating a Roth conversion with an opportunity to reduce taxes on the conversion amount by waiting to 2017
New York, NY (PRWEB) December 12, 2016
IRA Financial Group, a leading provider of self-directed IRA and Solo 401(k) plans, expects to see increase demand for self-directed Roth IRA conversions in light of Donald Trump’s Presidential Election victory and the prospect of reduced income tax rates for individuals.
According to Adam Bergman, a partner with the IRA Financial Group, generally, the main advantage of a self directed Roth IRA over a Traditional IRA is that if you qualify to make contributions, all distributions from the Roth IRA are tax-free so long as the Roth IRA has been opened at least five years and you are over the age of 591/2. Furthermore, unlike traditional IRAs, you may contribute to a Roth IRA for as long as you continue to have earned income, The amount of taxable income on a Roth conversion is based on the fair market value of the IRA assets subject to the conversion. The converted Roth amount is then added to the taxpayer’s gross income on the IRS Form 1040 and is then subject to tax, subject to the applicable tax rates. President-elect Trump's tax rate reductions are not expected to be enacted until at least 2017, but if and when enacted, could potentially offer taxpayers contemplating a Roth conversion with an opportunity to reduce taxes on the conversion amount by holding off to at least 2017.
The IRA Financial Group was founded by a group of top law firm tax and ERISA lawyers who have worked at some of the largest law firms in the United States, such as White & Case LLP, Dewey & LeBoeuf LLP, and Thelen LLP.
IRA Financial Group is the market's leading provider of self-directed IRA LLC “checkbook control” solutions. IRA Financial Group has helped thousands of clients take back control over their retirement funds while gaining the ability to invest in almost any type of investment, including real estate without custodian consent.
IRA Financial Group proudly announces the latest book titled written by tax partner Adam Bergman, Turning Retirement Funds into Start-Up Dreams – financing and retirement funding options for your start-up business is now available for purchase on Amazon. . This is the third book in a four-part series on self-directed retirement plans. The first two books: “The Checkbook IRA” and “Going Solo” are also available on Amazon.
To learn more about the IRA Financial Group please visit our website at http://www.irafinancialgroup.com or call 800-472-0646.