Roth Conversions And State Income Tax – Total Financial Solutions Safer Money Hour – August 22, 2017
Roth Conversions And State Income Tax – Total Financial Safer Money Hour – August 22, 2017
Hosts: Arif Halaby & Jeff Girard
Topic: Roth Conversions And State Income Tax
On this episode of Total Financial Solutions, Hosts Arif Halaby and Jeff Girard discuss Roth Conversions and State Income Tax.
A Roth IRA is an individual retirement account allowing a person to set aside after-tax income up to a specified amount each year.
When you convert from a Traditional IRA to a Roth IRA you pay income tax on the contributions. The taxable amount that is converted is added to your income taxes and your regular income rate is applied to your total income.
Previous Episode: Life Insurance As A Transfer Of Wealth – Total Financial Solutions Safer Money Hour – August 15, 2017
Traditional IRAs, 401k plans, 403b plans and 457 plans are typically composed of pretax dollars. Roth IRA contributions come from after-tax dollars.
Total Financial Solutions offers assistance with preparing for retirement and financial planning in Santa Clarita and the surrounding valleys. Santa Clarita financial advisor Arif M. Halaby, a Certified Estate Planner, and Total Financial Solutions staff work with people of all ages, helping them protect, grow and preserve their assets through an individualized approach. Arif Halaby is also the host of “Total Financial Solutions Safer Money Hour” on KHTS AM-1220. Launched in 2004, the show offers listeners from Santa Clarita financial planning tips and guidance for dealing with today’s ever-changing financial needs.