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Coffee Shop
Economic stimulus
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<blockquote data-quote="1982vett" data-source="post: 634660" data-attributes="member: 7795"><p>Just something to think about. For those that have Traditional IRA's, depending on your own circumstances and how you have it invested, this year could present a good opportunity to recharacterize to a Roth IRA. In my case, the value of the IRA I have is not a large amount. I have been ineligible to contribute because of 401K or no earned income. I did contributed to the 401K and a ROTH IRA while eligible. This year looks to be a year with very little taxable income, so paying taxes on the IRA conversion to a ROTH IRA will not effect taxable income. Also I expect to be in a lower tax bracket this year (actually as of now I don't expect to owe any income tax). </p><p></p><p>Pros - I can successfully covert all (or part) without paying income tax (at least the tax rate will be reduced). All gains from here will be tax free.</p><p></p><p>Cons - At this point I don't see any (other than the way it was invested to produce a 60% loss).</p></blockquote><p></p>
[QUOTE="1982vett, post: 634660, member: 7795"] Just something to think about. For those that have Traditional IRA's, depending on your own circumstances and how you have it invested, this year could present a good opportunity to recharacterize to a Roth IRA. In my case, the value of the IRA I have is not a large amount. I have been ineligible to contribute because of 401K or no earned income. I did contributed to the 401K and a ROTH IRA while eligible. This year looks to be a year with very little taxable income, so paying taxes on the IRA conversion to a ROTH IRA will not effect taxable income. Also I expect to be in a lower tax bracket this year (actually as of now I don't expect to owe any income tax). Pros - I can successfully covert all (or part) without paying income tax (at least the tax rate will be reduced). All gains from here will be tax free. Cons - At this point I don't see any (other than the way it was invested to produce a 60% loss). [/QUOTE]
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