Since the value of Bitcoin has dropped considerable in 2018 from its high in December 2017, we have seen a growing number of Bitcoin IRA investors consider the Roth IRA conversion option in order to take advantage of the price decline
NEW YORK (PRWEB) August 27, 2018
IRA Financial Group & IRA Financial Trust Company, a leading financial technology self-directed IRA provider & custodian, has seen an increase in Bitcoin self-directed IRA clients looking to take advantage of the Bitcoin price decline by looking at the Roth IRA conversion option. In general, 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. “Since the value of Bitcoin has dropped considerable in 2018 from its high in December 2017, we have seen a growing number of Bitcoin IRA investors consider the Roth IRA conversion option in order to take advantage of the price decline,” stated Adam Bergman, President of the IRA Financial Group & IRA Financial Trust Company.
According to Mr. Bergman, “generally, the main advantage of a 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 (for a traditional IRA – one cannot make any contributions after you reach age 70 1/2).” Mr. Bergman continued, “before electing to make a Roth IRA conversion, there are a number of important factors one should consider, such as: (i) ability to pay tax, your age, level of confidence in the Roth IRA investments, current and future tax-bracket, etc.”
IRA Financial Group & IRA Financial Trust Company’s self-directed IRA platform allows investors to invest in alternative asset investments, including real estate and cryptocurrency for as little as a few hundred dollars a year with no account valuation fees. The primary advantage of using a self-directed IRA to make private business investments is that generally all income and gains associated with the IRA investment grow tax-deferred or tax-free in the case of a Roth IRA.
IRA Financial Group is the market's leading provider of self-directed retirement plans. 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, cryptocurrency, and private business investments.
The IRA Financial Trust Company, a self-directed IRA custodian, was founded by Adam Bergman, a partner with the IRA Financial Group. Mr. Bergman is a leading expert on the taxation of retirement funds and has authored multiples articles on how to use a self-directed IRA to buy cryptocurrencies.
Adam Bergman, IRA Financial Group partner, has written seven books the topic of self-directed retirement plans, including, “How to use Retirement Funds to Purchase Cryptocurrencies, “The Checkbook IRA”, “Going Solo,” Turning Retirement Funds into Start-Up Dreams, Solo 401(k) Plan in a Nutshell, Self-Directed IRA in a Nutshell, and in God We Trust in Roth We Prosper.
To learn more about the IRA Financial Group please visit our website at http://www.irafinancialgroup.com or call 800-472-0646.