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Hillsborough (813) 909-0022 | Pinellas/Pasco (727) 799-1701

Roth IRA Conversion Single Icon

Roth/IRA Conversion

You’re likely familiar with traditional retirement accounts such as 401(k)s, 403(b)s, and IRAs; and you probably have at least one of them. Traditional retirement accounts give you a tax deduction on the front end so you don’t have to pay income taxes on the money you contribute until it’s time to withdraw. This allows your account value to grow more quickly.

However, the more your money grows in a traditional retirement account, the more you’ll owe in taxes upon withdrawal. This is a main reason many people consider converting their traditional accounts to Roth accounts. With a Roth account, you’ll pay taxes up-front before you contribute, which means no taxes are due when it’s time to withdraw.

A Roth conversion means you’ll have to pay taxes on the amount you convert from a traditional account, though. This may be a disadvantage depending on your situation. It’s important to work with an advisor who understands taxes and whether this is the right decision for your situation.

At Maggi Tax Advisory and Financial Group, we do just that. Our Roth conversion report will analyze whether a Roth conversion is appropriate for you or not. It considers the effect of converting available retirement assets, paying the conversion tax with other assets, and allowing the Roth IRA to grow. Contact us for a FREE Roth/IRA conversion report so we can explore your options.

Locations

Palm Harbor

4114 Woodlands Pkwy,
Ste. 303B
Palm Harbor, FL 34685

(727) 799-1701

Tampa

212 Crystal Grove Blvd
Lutz, FL 33548

(813) 909-0022

St. Petersburg

3663 Central Avenue
St. Petersburg, FL 33713

(727) 799-1701

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