What is a retirement account conversion?
A conversion is when you take money you have in a specific retirement account and you convert the money to another type of retirement account with different tax treatment. This is different from a rollover or recharacterizing an IRA contribution.
A common example is converting a traditional IRA to a Roth IRA. If you convert your traditional IRA to a Roth IRA, you usually end up paying taxes in the year of the conversion, but your retirement distributions from the Roth account will be tax free.
What if I convert my IRA to a different type after December 31
A common example is converting a traditional IRA to a Roth IRA. If you convert your traditional IRA to a Roth IRA, you usually end up paying taxes in the year of the conversion, but your retirement distributions from the Roth account will be tax free.
What if I convert my IRA to a different type after December 31
