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.
This episode is brought to you by the AICPA’s Personal Financial Planning Section, the premier provider of information, tools, advocacy and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS Credential 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, gain access to valuable member-only benefits or learn about our PFP certificate program.