Archive - November 26, 2008

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Further Note on Roth IRA Recharacterization/Conversion
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2008 Year-end Income Tax Planning

Further Note on Roth IRA Recharacterization/Conversion

In my earlier post on Roth IRA conversions, I noted that if you converted an IRA into a Roth earlier this year it may make sense to recharacterize the funds if the value of your account has slumped and you still owe taxes on the earlier, larger conversion amount. I also stated that you can’t go back this year and do another conversion. However, I realized that there is a way to sort of do a conversion/recharacterization/reconversion.

If you do a partial conversion of an IRA and later recharacterize it, you can do another partial conversion of different funds …

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2008 Year-end Income Tax Planning

As 2008 draws to a close, take some time to consider what you can do before year-end to reduce your income tax bill.

In late November, a financial planner’s fancy lightly turns to thoughts of…minimizing taxes.  Actually, I’m thinking about Thanksgiving too, but while there’s still time to act, it’s wise to spend a little time thinking creatively about managing your tax liabilities.

This year, end-of-the-year strategies are trickier, as no one can say for sure whether income taxes will increase significantly in 2009 under a new presidential administration.  In the midst of recession, it’s becoming less likely that taxes

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