With changes to Roth planning due to TCJA, the SECURE Act, and now the CARES Act and market volatility resulting from COVID-19, it’s important to consider whether Roth conversions would be optimal to help your clients reach their long- term goals. In this episode, Bob Keebler, CPA/PFS, shares the nuances to consider when making decisions on whether to advise clients to convert to a Roth:
- Should your clients use their 2020 waived RMD dollars to fill up their lower tax brackets with a Roth conversion?
- What are the four principle reasons to convert to a Roth?
- How do Social Security and Medicare benefits factor into planning with Roth conversions?
- When should you consider life insurance rather than a Roth IRA?
- What strategies should you consider if your client is in a state estate tax scenario?
Access the related resources from this podcast:
- Visit www.aicpa.org/pfp/proactiveplanning to find charts by Bob Keebler that can help with your Roth conversion decision making.
- Visit https://www.aicpa.org/pfp/covid19 to find resources and information about planning during the pandemic.
The episode is brought to you by the AICPA’s Personal Financial Planning Section (www.aicpa.org/pfp), the premier provider of information, tools, advocacy and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice and by the CPA/PFS Credential (www.aicpa.org/pfs) program which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online at www.aicpa.org/pfp to join our community and gain access to valuable member-only benefits.