Episode 66: ROTH Conversions & Biden Tax Increases

With a possible tax rate increase in the near future, people are wondering if it is still a good time to do ROTH Conversions.  Anytime is a good time to do ROTH Conversions, depending on your specific situation.  Creating tax free income for retirement is a good idea with government debt, spending, and an aging population likely to mandate higher taxes no matter what political party is in power. Key takeaways: Biden has signaled a tax increase for anyone making more than $400,000, however there can still be an impact on lower incomes There has been a recent increase in people asking about ROTH 401k and IRA's The tax increase could be retroactive to January 2021, so reevaluate ROTH conversion when there is some certainty on 2021 tax rates Do you want to pay tax on the seed or the harvest (think farming)