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Have you wondered if you should convert to a Roth IRA? If you’ve been phased out from funding a Roth IRA, a Roth conversion could be one of the best strategies to reduce your retirement income taxes and allow you to leave tax-free generational wealth to your children.
Use this Roth conversion calculator so you can learn your estimated tax savings and if converting to a Roth IRA makes sense for your situation.
This calculator provides a conservative estimate for each scenario based on Minnesota taxes only. Working with a Great Waters Financial Advisor, where other factors can be considered, often results in increased savings. Also, if the transaction isn’t properly executed, it could leave you with significant penalties.