Tax planning strategies can be an excellent door opener when looking to meet with new prospects and current clients. Due to its complexities, simply knowing
the latest, up to date status of tax laws & the implications can be an arduous task in itself.
If you are currently promoting tax planning strategies or would just like to know the latest state of tax implications today, this is a whitepaper you may want to read.
Download this complimentary whitepaper and learn some of the most important tax planning strategies to consider in 2012.
Please remember that converting a traditional IRA to a Roth IRA is a taxable event. Increased taxable income from the Roth IRA conversion may have several consequences including (but not limited to) a need for additional tax withholding or estimated tax payments, the loss of certain tax deductions and credits, and higher taxes on Social Security benefits and higher Medicare premiums.
It is generally preferable that you have funds to pay the taxes due upon conversion from funds outside of the IRA. If you elect to take a distribution from an IRA to pay the conversion taxes, please keep in mind the potential consequences, such as an assessment of product surrender charges or additional IRS penalties for premature distributions.
This information is designed to provide general information on the subjects covered. Pursuant to IRS Circular 230, it is not, however, intended to provide specific legal or tax advice and cannot be used to avoid tax penalties or to promote, market, or recommend any tax plan or arrangement. Please note that GamePlan Financial Marketing, LLC, its affiliated companies, and their representatives and employees do not give legal or tax advice. Encourage your clients to consult their tax advisor or attorney.